Recipient email addresses will not be used in mailing lists or redistributed.
Use semicolon to separate each address, limit to 20 addresses.
characters you see
You have successfully sent the research.
Please note: some research requires a paid subscription in order to access.
Already a customer?
Don't want to see this again?
Accept our to continue to Moodys.com:
AND SCROLL DOWN!
By clicking “I AGREE” [at the end of this document],
you indicate that you understand and intend these terms and conditions to be
the legal equivalent of a signed, written contract and equally binding, and
that you accept such terms and conditions as a condition of viewing any and all
Moody’s information that becomes accessible to you [after clicking “I AGREE”] (the
“Information”). References herein to “Moody’s” include Moody’s
Corporation, Inc. and each of its subsidiaries and affiliates.
Terms of One-Time Website Use
you have entered into an express written contract with Moody’s to the contrary,
you agree that you have no right to use the Information in a commercial or
public setting and no right to copy it, save it, print it, sell it, or publish
or distribute any portion of it in any form.
acknowledge and agree that Moody’s credit ratings: (i) are current opinions of
the future relative creditworthiness of securities and address no other risk; and
(ii) are not statements of current
or historical fact or recommendations to purchase, hold or sell particular
securities. Moody’s credit ratings and
publications are not intended for retail investors, and it would be reckless
and inappropriate for retail investors to use Moody’s credit ratings and
publications when making an investment decision. No
warranty, express or implied, as the accuracy, timeliness, completeness,
merchantability or fitness for any particular purpose of any Moody’s credit
rating is given or made by Moody’s in any form whatsoever.
3. To the extent permitted by law, Moody’s and its directors,
officers, employees, representatives, licensors and suppliers disclaim
liability for: (i) any indirect, special, consequential, or incidental losses
or damages whatsoever arising from or in connection with use of the
Information; and (ii) any direct or compensatory damages caused to any person
or entity, including but not limited to by any negligence (but excluding fraud
or any other type of liability that by law cannot be excluded) on the part of
Moody’s or any of its directors, officers, employees, agents, representatives,
licensors or suppliers, arising from or in connection with use of the
4. You agree to read [and
be bound by] the more detailed disclosures regarding Moody’s ratings and the
limitations of Moody’s liability included in the Information.
5. You agree that any disputes relating to this agreement or your use of
the Information, whether sounding in contract, tort, statute or otherwise,
shall be governed by the laws of the State of New York and shall be subject to
the exclusive jurisdiction of the courts of the State of New York located in
the City and County of New York, Borough of Manhattan.
27 Sep 2010
Approximately USD300 million of rated debt affected.
London, 27 September 2010 -- Moody's Investors Service has today placed the Ba1 Corporate Family
of PJSC Novorossiysk Commercial Seaport ("NCSP") and the Ba1
debt rating of the Novorossiysk Port Capital S.A. USD300
million 7% Loan Participation Notes due 2012 (the "Notes"),
together with all associated ratings, on review for downgrade.
This rating announcement follows the statement by NCSP that it is preparing
a transaction to acquire 100% ownership of Primorsk Commercial
Port LLC ("PCP"), a key port on Russia's Baltic
coast and the export point for Russia's Baltic oil pipeline system.
No details as to likely acquisition cost or means of finance have been
made public at this time. A condition to the acquisition is that
a controlling stake in NCSP is sold to OAO Transnet and investment group
Summa Capital, an investment vehicle for private interests,
who are the current owners of PCP.
The rating review will focus on the cost of the acquisition, the
additional debt that NCSP may be required to take on to finance it,
the post acquisition ownership structure, and NCSP's business
plan for PCP together with the integration risks associated therewith.
Moody's notes that the combined transaction is subject to approval
by the Russian Federal Antimonopoly Service and the Government Commission
for Control of Foreign Investments in the Russian Federation, as
well as NCSP's Board of Directors.
Moody's also notes the publication of a Presidential Decree dated
18 June 2010 which notes that the Russian Government has removed NCSP
from the list of strategic assets, and the Prime Ministerial Decree
dated 4 August 2010 stating that the Russian Government's shares
in NCSP may be disposed of as part of a projected Government privatisation
programme. Consequently, as part of this rating review,
Moody's will consider whether it is still appropriate to provide
a one-notch uplift to NCSP's rating to reflect the possibility
of extraordinary Government support if this were ever required.
In accordance with Moody's standard practices for managing ratings
that may transition due to M&A activity, the rating will likely
remain on review, with the review being concluded and the issuer's
ratings moved to their final level once the transaction is complete,
or where completion is subject to procedural delay only, i.e.
where it is substantially complete. Nevertheless, Moody's
will endeavour to give guidance as to where the post-transaction
rating may fall as information becomes publicly available.
Moody's also highlights that the Notes contain a change of control
covenant which may be triggered, depending on how the transaction
is structured, if the transaction proceeds. Consequently,
if the transaction is to proceed, NCSP may need to obtain the necessary
consent of Noteholders or redeem the Notes in accordance with their terms.
NCSP's Ba1 Corporate Family Rating reflects a fundamental credit quality
of Ba2 (expressed as a Baseline Credit Assessment of 12) together with
one rating notch uplift to reflect the ownership of the Government of
the Russian Federation, assessed in accordance with Moody's
rating methodology for Government Related issuers. NCSP's
Ba2 equivalent Baseline Credit Assessment reflects (i) its position as
Russia's largest port and its successful transition over the last
few years to a more modern provider of bulk cargo and container handling
capacity, (ii) its effective rate charging framework, (iii)
its moderate capital expenditure plans and possible investment strategy
and (iv) its moderate debt leverage but relatively early debt maturities.
In accordance with Moody's rating methodology for Government Related
Issuers, the Ba1 final rating is a combination of the following
inputs (1) a Baseline Credit Assessment of 12 (which equates to a Ba2
rating on the Moody's rating scale), (2) the Baa1 local currency
rating of the Government of the Russian Federation, (3) Moderate
dependence and (4) Low support.
NCSP's rating is somewhat constrained by its location in Russia
and its consequent exposure to the geopolitical risks associated with
operating in that country. Consequently, Moody's would
expect to see a longer track record of operations at steady state with
no evidence of negative political or other country-related external
pressures before NCSP was considered for an investment grade credit rating.
Nevertheless, NCSP is currently considered very well positioned
in its rating category and has headroom to absorb increased indebtedness.
Therefore if the transaction does not proceed but Moody's considers
that rating uplift for Government ownership is no longer justified,
there may be an equalisation of the Baseline Credit Assessment and the
final rating at Ba1.
The following ratings have been placed on review for downgrade by this
PJSC Novorossiysk Commercial Seaport:
Corporate Family Rating (Domestic Currency) -- Ba1 / Aa1.ru
Corporate Family Rating (Foreign Currency) -- Ba1
Probability of Default Rating -- Ba1
Novorossiysk Port Capital S.A.:
USD300 million 7% Loan Participation Notes due 2012 -- Ba1
USD300 million 7% Loan Participation Notes due 2012 -- LGD-4
NCSP's ratings were assigned by evaluating factors that Moody's
believes are relevant to the credit profile of the issuer, such
as (i) the business risk and competitive position of the issuer versus
others within its industry or sector; (ii) the capital structure
and financial risk of the issuer; (iii) the projected performance
of the issuer over the near to intermediate term; and (iv) the issuer's
history of achieving consistent operating performance and meeting budget
or financial plan goals. These attributes were compared against
other issuers both within and outside of NCSP's core peer group.
Moody's believes that NCSP's ratings are comparable to ratings
assigned to other issuers of similar credit risk.
Please see the ratings tab on the issuer / entity page on moodys.com
for the last rating action and rating history.
PJSC Novorossiysk Commercial Sea Port is a company providing stevedoring
services at the Port of Novorossiysk located on Russia's Black Sea
Coast. It had consolidated revenues of US$675 million for
year ended 31 December 2009, and total assets of US$1.36
billion as at that date.
Senior Vice President
Corporate Finance Group
Moody's Investors Service Ltd.
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454
MD - Infrastructure Finance
Moody's Investors Service Ltd.
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454
Moody's Investors Service Ltd.
Moody's places Novorossiysk Commercial Seaport ratings on review for downgrade
One Canada Square
London E14 5FA
No Related Data.
© 2018 Moody’s Corporation, Moody’s Investors Service, Inc., Moody’s Analytics, Inc. and/or their licensors and affiliates (collectively, “MOODY’S”). All rights reserved. CREDIT RATINGS ISSUED BY MOODY'S INVESTORS SERVICE, INC. AND ITS RATINGS AFFILIATES (“MIS”) ARE MOODY’S CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES, AND MOODY’S PUBLICATIONS MAY INCLUDE MOODY’S CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES. MOODY’S DEFINES CREDIT RISK AS THE RISK THAT AN ENTITY MAY NOT MEET ITS CONTRACTUAL, FINANCIAL OBLIGATIONS AS THEY COME DUE AND ANY ESTIMATED FINANCIAL LOSS IN THE EVENT OF DEFAULT. CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK, INCLUDING BUT NOT LIMITED TO: LIQUIDITY RISK, MARKET VALUE RISK, OR PRICE VOLATILITY. CREDIT RATINGS AND MOODY’S OPINIONS INCLUDED IN MOODY’S PUBLICATIONS ARE NOT STATEMENTS OF CURRENT OR HISTORICAL FACT. MOODY’S PUBLICATIONS MAY ALSO INCLUDE QUANTITATIVE MODEL-BASED ESTIMATES OF CREDIT RISK AND RELATED OPINIONS OR COMMENTARY PUBLISHED BY MOODY’S ANALYTICS, INC. CREDIT RATINGS AND MOODY’S PUBLICATIONS DO NOT CONSTITUTE OR PROVIDE INVESTMENT OR FINANCIAL ADVICE, AND CREDIT RATINGS AND MOODY’S PUBLICATIONS ARE NOT AND DO NOT PROVIDE RECOMMENDATIONS TO PURCHASE, SELL, OR HOLD PARTICULAR SECURITIES. NEITHER CREDIT RATINGS NOR MOODY’S PUBLICATIONS COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR. MOODY’S ISSUES ITS CREDIT RATINGS AND PUBLISHES MOODY’S PUBLICATIONS WITH THE EXPECTATION AND UNDERSTANDING THAT EACH INVESTOR WILL, WITH DUE CARE, MAKE ITS OWN STUDY AND EVALUATION OF EACH SECURITY THAT IS UNDER CONSIDERATION FOR PURCHASE, HOLDING, OR SALE.
MOODY’S CREDIT RATINGS AND MOODY’S PUBLICATIONS ARE NOT INTENDED FOR USE BY RETAIL INVESTORS AND IT WOULD BE RECKLESS AND INAPPROPRIATE FOR RETAIL INVESTORS TO USE MOODY’S CREDIT RATINGS OR MOODY’S PUBLICATIONS WHEN MAKING AN INVESTMENT DECISION. IF IN DOUBT YOU SHOULD CONTACT YOUR FINANCIAL OR OTHER PROFESSIONAL ADVISER.
ALL INFORMATION CONTAINED HEREIN IS PROTECTED BY LAW, INCLUDING BUT NOT LIMITED TO, COPYRIGHT LAW, AND NONE OF SUCH INFORMATION MAY BE COPIED OR OTHERWISE REPRODUCED, REPACKAGED, FURTHER TRANSMITTED, TRANSFERRED, DISSEMINATED, REDISTRIBUTED OR RESOLD, OR STORED FOR SUBSEQUENT USE FOR ANY SUCH PURPOSE, IN WHOLE OR IN PART, IN ANY FORM OR MANNER OR BY ANY MEANS WHATSOEVER, BY ANY PERSON WITHOUT MOODY’S PRIOR WRITTEN CONSENT.
CREDIT RATINGS AND MOODY’S PUBLICATIONS ARE NOT INTENDED FOR USE BY ANY PERSON AS A BENCHMARK AS THAT TERM IS DEFINED FOR REGULATORY PURPOSES AND MUST NOT BE USED IN ANY WAY THAT COULD RESULT IN THEM BEING CONSIDERED A BENCHMARK.
All information contained herein is obtained by MOODY’S from sources believed by it to be accurate and reliable. Because of the possibility of human or mechanical error as well as other factors, however, all information contained herein is provided “AS IS” without warranty of any kind. MOODY'S adopts all necessary measures so that the information it uses in assigning a credit rating is of sufficient quality and from sources MOODY'S considers to be reliable including, when appropriate, independent third-party sources. However, MOODY’S is not an auditor and cannot in every instance independently verify or validate information received in the rating process or in preparing the Moody’s publications.
To the extent permitted by law, MOODY’S and its directors, officers, employees, agents, representatives, licensors and suppliers disclaim liability to any person or entity for any indirect, special, consequential, or incidental losses or damages whatsoever arising from or in connection with the information contained herein or the use of or inability to use any such information, even if MOODY’S or any of its directors, officers, employees, agents, representatives, licensors or suppliers is advised in advance of the possibility of such losses or damages, including but not limited to: (a) any loss of present or prospective profits or (b) any loss or damage arising where the relevant financial instrument is not the subject of a particular credit rating assigned by MOODY’S.
To the extent permitted by law, MOODY’S and its directors, officers, employees, agents, representatives, licensors and suppliers disclaim liability for any direct or compensatory losses or damages caused to any person or entity, including but not limited to by any negligence (but excluding fraud, willful misconduct or any other type of liability that, for the avoidance of doubt, by law cannot be excluded) on the part of, or any contingency within or beyond the control of, MOODY’S or any of its directors, officers, employees, agents, representatives, licensors or suppliers, arising from or in connection with the information contained herein or the use of or inability to use any such information.
NO WARRANTY, EXPRESS OR IMPLIED, AS TO THE ACCURACY, TIMELINESS, COMPLETENESS, MERCHANTABILITY OR FITNESS FOR ANY PARTICULAR PURPOSE OF ANY SUCH RATING OR OTHER OPINION OR INFORMATION IS GIVEN OR MADE BY MOODY’S IN ANY FORM OR MANNER WHATSOEVER.
Moody’s Investors Service, Inc., a wholly-owned credit rating agency subsidiary of Moody’s Corporation (“MCO”), hereby discloses that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by Moody’s Investors Service, Inc. have, prior to assignment of any rating, agreed to pay to Moody’s Investors Service, Inc. for appraisal and rating services rendered by it fees ranging from $1,500 to approximately $2,500,000. MCO and MIS also maintain policies and procedures to address the independence of MIS’s ratings and rating processes. Information regarding certain affiliations that may exist between directors of MCO and rated entities, and between entities who hold ratings from MIS and have also publicly reported to the SEC an ownership interest in MCO of more than 5%, is posted annually at www.moodys.com
under the heading “Investor Relations — Corporate Governance — Director and Shareholder Affiliation Policy.”
Additional terms for Australia only: Any publication into Australia of this document is pursuant to the Australian Financial Services License of MOODY’S affiliate, Moody’s Investors Service Pty Limited ABN 61 003 399 657AFSL 336969 and/or Moody’s Analytics Australia Pty Ltd ABN 94 105 136 972 AFSL 383569 (as applicable). This document is intended to be provided only to “wholesale clients” within the meaning of section 761G of the Corporations Act 2001. By continuing to access this document from within Australia, you represent to MOODY’S that you are, or are accessing the document as a representative of, a “wholesale client” and that neither you nor the entity you represent will directly or indirectly disseminate this document or its contents to “retail clients” within the meaning of section 761G of the Corporations Act 2001. MOODY’S credit rating is an opinion as to the creditworthiness of a debt obligation of the issuer, not on the equity securities of the issuer or any form of security that is available to retail investors. It would be reckless and inappropriate for retail investors to use MOODY’S credit ratings or publications when making an investment decision. If in doubt you should contact your financial or other professional adviser.
Additional terms for Japan only: Moody's Japan K.K. (“MJKK”) is a wholly-owned credit rating agency subsidiary of Moody's Group Japan G.K., which is wholly-owned by Moody’s Overseas Holdings Inc., a wholly-owned subsidiary of MCO. Moody’s SF Japan K.K. (“MSFJ”) is a wholly-owned credit rating agency subsidiary of MJKK. MSFJ is not a Nationally Recognized Statistical Rating Organization (“NRSRO”). Therefore, credit ratings assigned by MSFJ are Non-NRSRO Credit Ratings. Non-NRSRO Credit Ratings are assigned by an entity that is not a NRSRO and, consequently, the rated obligation will not qualify for certain types of treatment under U.S. laws. MJKK and MSFJ are credit rating agencies registered with the Japan Financial Services Agency and their registration numbers are FSA Commissioner (Ratings) No. 2 and 3 respectively.
MJKK or MSFJ (as applicable) hereby disclose that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by MJKK or MSFJ (as applicable) have, prior to assignment of any rating, agreed to pay to MJKK or MSFJ (as applicable) for appraisal and rating services rendered by it fees ranging from JPY200,000 to approximately JPY350,000,000.
MJKK and MSFJ also maintain policies and procedures to address Japanese regulatory requirements.