OREANDA-NEWS. March 19, 2010. International Rating Agency Fitch Ratings has changed its outlook on the long-term ratings of DTEK Holdings Limited from ‘Negative’ to ‘Stable’. At the same time the agency has confirmed the Long-term Issuer Default rating  (IDR) of DTEK Holdings Limited in foreign and national currency to stay at B-level, and the Short-term IDR in foreign currency to remain B.

The main reason for revising the Issuer rating is the changed outlook for Ukraine’s long-term national ratings from ‘Negative’ to ‘Stable’ due to lesser risks of political uncertainty and macroeconomic and financial instability in Ukraine after the presidential elections.

Vsevolod Starukhin, DTEK CFO, noted: ‘The rating’s positive outlook reflects confidence in a more stable situation prevailing in both financial and real sectors of Ukrainian economy, including the power sector. But, unfortunately, DTEK’s rating is still constrained by the country ceiling’.

Reference

DTEK is the first private vertically-integrated power company in Ukraine. It is part of the financial and industrial group System Capital Management (SCM). The enterprises of DTEK build up an efficient operational chain of coal production and enrichment, electricity generation and distribution.

The coal business of DTEK includes Pavlogradugol (consisting of ten coal mines), Komsomolets Donbassa Mine and five enrichment plants. According to 2009 performance results, the Company’s share in the Ukrainian coal mining industry was 24.4%.

The generation business of DTEK is represented by Vostokenergo and the associated Dneproenergo Company, in which DTEK owns 47.5%. According to 2009 performance results, the share of Vostokenergo and Dneproenergo in thermal generation of Ukraine was 25.3% and 20.5% respectively.

Service-Invest and Energougol ENE represent the electricity distribution business of DTEK. Their share of electricity purchase in SE Energorynok in 2009 made 7.7%.