OREANDA-NEWS. On 25 July 2008 Novorossiysk Commercial Sea Port (LSE: NCSP, RTS: NMTP, MICEX: NMTP) reported that international rating agency Moody’s Investor Service has published a Credit Opinion on NCSP and affirmed the Corporate Family Rating at Ba1 with a stable outlook.

"NCSP is expected to exhibit credit metrics that would be appropriate for ports in highly rated western European countries with credit ratings at least in the Baa rating category" [an investment level rating – NCSP comments] – Moody’s noted in the published document. “The current Ba category rating for NCSP reflects legal and regulatory frameworks of all Russian ports. One reason for this is the relatively low level of Russia’s integration into the international trade system,” NCSP Vice President for Corporate Finance and Investor Relations Roman Zinovyev added.

Moody’s also noted in the Credit Opinion that NCSP’s revenues are expected to grow materially over the next few months and years as volume increases at the Port of Novorossiysk and the addition of new port capacity will enable revenue growth, which will facilitate growth in cash flows that to a material extent will help finance the port’s investment program.