Last checked at 12 Aug 2010 09:21
Press Release
S&P affirmed BB+ rating and revised outlook to positive
12.08.2010
Novorossiysk Commercial Sea Port Group (LSE: NCSP, RTS and MICEX: NMTP) hereby reports that on August 10, 2010, Standard & Poor's Ratings Services revised its outlook on OJSC Novorossiysk Commercial Sea Port (NCSP) to positive from stable. Simultaneously, S&P affirmed the group's 'BB+' long-term corporate credit rating, as well as the 'ruAA+' Russia national scale rating.
"In our view, NCSP's financial profile has greatly improved in the last three years. […] Despite the crisis, NCSP's operations proved resilient last year in our view with a 6% increase in volumes and an almost 20% increase in EBITDA. […] The positive outlook reflects our view of the resilience of NCSP's operating performance and the gradual reduction of the group's debt. By year-end 2010, we expect the sea port will report a balanced net cash to debt position", - S&P's credit analysts wrote in the published Research Update.
The $300 million, 7% loan participation notes maturing in 2012 issued by Novorossiysk Port Capital S.A. and guaranteed by NCSP are rated 'BB+', the same level as the corporate credit rating on NCSP.
Ratings List
Ratings Affirmed; CreditWatch/Outlook Action
| OJSC Novorossiysk Commercial Sea Port |
|
|
| Corporate Credit Rating | BB+/Positive/-- | BB+/Stable/-- |
| Russia national scale rating | ruAA+/--/-- |
|
| Novorossiysk Port Capital S.A. |
|
|
| Senior Unsecured* | BB+ |
|
| Recovery Rating | 3 | 3 |
*Guaranteed by OJSC Novorossiysk Commercial Sea Port
About NCSP Group
Novorossiysk Commercial Sea Port is the largest Russian port operator in terms of cargo turnover. Group's consolidated cargo turnover in 2009 totaled 86.5 million tons. Consolidated revenue to IFRS in 2009 totaled $675.1 million and net profit $252.2 million.
NCSP shares are traded on Russia's RTS and MICEX exchanges (NMTP) and on the London Stock Exchange (NCSP) in the form of GDRs (1 GDR representing 75 shares).
NCSP Group includes the following stevedore companies: PJSC NCSP, PJSC Novorossiysk Grain Terminal, OJSC Novorossiysk Shipyard, PJSC NCSP Fleet, OJSC Novoroslesexport, OJSC IPP, and Baltic Stevedoring Company Ltd.
For more information please contact:
Tel.: +7 (495) 783-5434; IR@nmtp.info