OREANDA-NEWS. NCSP Group (LSE: NCSP, Moscow Exchange: NMTP) announced today that Standard & Poor’s (S&P) has affirmed Company’s BB- long term corporate credit rating and revised its rating outlook to Stable from Negative.

Standard & Poor’s named continued prudent capital spending, improved cash flow generation and credit metrics, among some of the factors influencing its decision to raise PJSC NCSP’s BB- credit rating outlook to Stable from Negative. The rating agency also cited the Company’s significant progress in its negotiations with current and potential lenders to amend its covenants and to refinance a USD 1.95 billion loan issued by Sberbank in 2011 to finance the acquisition of LLC PTP.

NCSP Acting CEO Yuriy Matvienko said: “We are pleased that our efforts to improve NCSP Group’s financial profile have been reflected in the revised outlook for our credit rating. Management will continue to pay close attention to management of the Company’s cash flows and liquidity, and to optimizing its credit portfolio based on the best available market terms.”

NCSP Group is the largest Russian port operator and the 3rd operator in Europe in terms of cargo turnover. NCSP shares are traded on Russia's MICEX exchange (NMTP) and on the London Stock Exchange in the form of GDRs (NCSP). 50.1% shares of PJSC NCSP belong to Novoport Holding Ltd, beneficiaries owners of which are JSC “Transneft” and Ziyavudin Magomedov (Summa Group). NCSP Group cargo turnover in 2012 totaled 159 million tons. Consolidated revenue according to IFRS in 2012 totaled USD 1 034 million and EBITDA of USD 591.5 million. NCSP Group combines the following stevedore companies: OJSC Novorossiysk Commercial Sea Port, Primorsk Oil Terminal Ltd (since 2011), PJSC Novorossiysk Grain Terminal, OJSC Novorossiysk Ship Repair Yard, PJSC NCSP Fleet, OJSC NLE, OJSC IPP, and Baltic Stevedore Company Ltd.