OREANDA-NEWS. On 14 August 2009 OMZ OJSC (Uralmash-Izhora Group) (RTS: OMZZ; LSE: OMZD; OTC: UHMVY), a leading heavy machinery company with assets located in Russia and the Czech Republic, reported that Standard & Poor’s, an international rating agency, has upgraded OMZ's long term international scale credit rating from CCC+ to B- and Russia national scale rating from ruB to ruBBB. It is worth reminding that OMZ ratings were suspended in late 2008.

Standard & Poor's points out that negative impact of business and financial risks are compensated to some extent by the apparent willingness of Gazprombank OJSC, the group's major shareholder, to provide financial support, and by OMZ's leading position in nuclear power equipment and large and extra-large semi-finished metallurgical products in Russia and the CIS. Another compensating factor is OMZ's significant share in Russian market where most part of the group's revenues is generated.

According to Standard & Poor's the outlook is stable as the rating agency believes that OMZ will be able to refinance or roll over its short-term debt maturities as they come due, despite the current credit market difficulties. The agency assumes that in this difficult situation the company will carefully manage its future strategic investments and adjust financial policies to prevent sharp increases in the group's consolidated financial leverage. Standard & Poor's also anticipates that OMZ will manage to protect its market positions and prevent its operating margins from declining sharply.