NCSP Group reports, that on February 26, 2016, Standard & Poor's Ratings Services affirmed its 'BB-' long-term corporate credit rating and its 'ruAA-' Russia national scale rating on PJSC NCSP. The outlook is stable.
«The affirmation of the rating reflects our expectation that NCSP will be able to maintain its liquidity position despite the loss of approximately 18.7 billion Russian rubles (RUB) of deposits ($245 million) in Vneshprombank, which had its license revoked by the Central Bank of Russia on January 21, 2016,» – Standard & Poor’s said in a statement.
S&P’s statement also highlights that, «However, NCSP's operational performance has been better than we expected, and its remaining liquidity should allow for continued debt service. The stable outlook reflects our expectation that NCSP will maintain its operating performance and manage its debt amortization by controlling its development program and dividend distributions».
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 2015 totalled 139,7 million tonnes. Consolidated revenue to IFRS in 2014 totalled USD 956 million and EBITDA was USD 569 million. NCSP Group consolidates the following companies: PJSC Novorossiysk Commercial Sea Port, LLC Primorsk Trade Port, PJSC Novorossiysk Grain Terminal, OJSC Novorossiysk Ship Repair Yard, OJSC NCSP Fleet, OJSC NLE, OJSC IPP, CJSC Baltic Stevedore Company, and CJSC SFP.