Moody’s upgrades NCSP’s rating to Ba2 with Stable outlook

MOSCOW, Aug 21 (PRIME) -- International rating agency Moody’s Investors Service has upgraded corporate rating of Russia’s Novorossiysk Commercial Sea Port (NCSP) to Ba2 from Ba3, with a Stable outlook, the agency said on Tuesday.

The company’s probability of default rating was raised to Ba2-PD from Ba3-PD.

“Today’s upgrade of NCSP’s ratings results from Moody’s decision to upgrade the company’s BCA, which is a measure of the company’s standalone credit strength under Moody’s Government-Related Issuers (GRI) rating methodology, to ba2 from ba3,” the agency said.

“NCSP’s BCA has been upgraded reflecting the company’s established track record of fairly stable financial performance through the cycle, underpinned by its position as Russia’s largest multi-cargo seaport operator with a strong geographical position.”

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