S&P upgrades ratings of NCSP from BB to BB+ with a stable outlook
May 28, 2021
NCSP Group (LSE: NCSP, MOEX: NMTP) announces that S&P Global Ratings (S&P) upgraded the long-term credit ratings of PJSC Novorossiysk Commercial Sea Port (NCSP) in foreign and national currency from BB to BB+ with a stable outlook.
S&P experts expect that the volume of oil transshipments through NCSP ports will increase in 2021, as demand grows amid increased economic activity.
The stable rating outlook reflects our expectations that NCSP will maintain stable credit performance in the next 2-3 years despite large investments, as well as maintain robust margins and at least acceptable liquidity, the agency said in their press release.
NCSPGroup is the largest port operator in Russia by cargo turnover. PJSC NCSP controlling shareholder (62%) is PJSC Transneft.
PJSC NCSP is traded on Moscow Exchange (NMTP) and London Stock Exchange as global depositary receipts (NCSP). NCSP Group comprises PJSC NCSP, Primorsk Trade Port LLC, JSC Novorossiysk Ship Repair Yard, SC NCSP Fleet, JSC NLE, IPP LLC, Baltic Stevedore Company LLC, and JSC SFP. PJSC NCSP and PJSC Transneft own NCS LLC on a parity basis.
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