Novorossiysk Commercial Sea Port Group reports that Moody’s rating agency has changed to «stable» from «negative» the outlook on PJSC NCSP’s corporate family rating and affirmed the rating at Ba3 level, according to Moody’s release dated 7 December 2015.
The outlook on PJSC NCSP’s rating and rating of other Russian utility and infrastructure companies, and government related issuers was upgraded following Moody’s change of outlook Russia’s government Ba1/NP bond rating to stable from negative on 3 December 2015, according to Moody’s statement.
NCSP Group is the largest port operator in Russia and the third-largest in Europe, in terms of cargo turnover. NCSP Group cargo turnover in 2014 totalled 131 million tonnes. Consolidated revenue to IFRS in 2013 totalled USD 928 million and EBITDA was USD 510 million. NCSP Group consolidates the following companies: PJSC Novorossiysk Commercial Sea Port, LLC Primorsk Trade Port, JSC Novorossiysk Grain Terminal, OJSC Novorossiysk Ship Repair Yard, OJSC NCSP Fleet, JSC NLE, OJSC IPP, CJSC Baltic Stevedore Company, and CJSC SFP.