Novorossiysk Commercial Sea Port Group (LSE: NCSP, RTS & MICEX: NMTP) hereby announces that international rating agency Standard & Poor’s Rating Services has revised NCSP’s corporate rating and its Eurobond issue rating.
On April 15, 2011, Standard & Poor's Ratings Services lowered its long-term corporate credit rating on Russian-based commercial sea port operator, Novorossiysk Commercial Sea Port to 'BB-' from 'BB+' and removed itfrom CreditWatch, where it was placed with negative implications on Sept. 172010. The outlook is negative.
The Russia national scale rating on NCSP wasalso lowered to 'ruAA-' from 'ruAA+' and removed from CreditWatch negative.
At the same time, issue rating on the $300 million loanparticipation notes (LPNs) issued by Novorossiysk Port Capital S.A. andguaranteed by NCSP, was lowered to 'BB-' from 'BB+'.
Fulltextoftheratingreleasemay be found at: www.standardandpoors.com
About NCSP Group
Novorossiysk Commercial Sea Port is the largest Russian port operator and the 3d operator in Europe in terms of cargo turnover. 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 consolidated cargo turnover in 2009 totaled 86.5 million tons (excluding Primorsk Trade Port), andconsolidated revenue to IFRS for 9 months of 2010 totaled $499.4 million and net profit $233.0 million. NCSP Group includes the following stevedore companies: PJSC Novorossiysk Commercial Sea Port, PJSC Primorsk Trade Port (since 2011), PJSC Novorossiysk Grain Terminal, OJSC Novorossiysk Shipyard, PJSC Fleet of NCSP, OJSC Novoroslesexport, OJSC IPP, and Baltic Stevedoring Company Ltd.
For more information please contact:
+7 (8617) 650 043; senko@ncsp-net.com; IR@nmtp.info