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17.01.2008
Credit-Rating upgrades Galnaftogaz to uaA+
Credit-Rating, a nationally recognized credit rating agency in Ukraine has today upgraded to uaA+ (uaA plus) from uaA the long-term credit rating assigned to Concern Galnaftogaz OJSC (`Galnaftogaz` or `company`). The agency has also upgraded to uaA+ (uaA plus) from uaA the long-term credit rating assigned to Galnaftogaz`s UAH90m 3-year issue of registered coupon bonds (D-F series). The outlook on both ratings has been revised to Stable. In the course of the rating`s revision procedure Credit-Rating considered Galnaftogaz`s financial statements as of Jun. 30. 2007, and those for 1H2007, as well as other inside information furnished by the company.
An obligor or a debt liability with uaA credit rating is characterized with the HIGH STRONG creditworthiness as compared to other Ukrainian obligors or debt liabilities. This level of creditworthiness is susceptible to adverse changes in commercial, financial and economic conditions. The plus (+) or minus (-) modifier denotes rating`s relative status within major categories.
In the course of the rating`s revision procedure Credit-Rating took into account the fact that the company has been expanding rapidly, which resulted in increased number of petrol stations, growth in trade turnover, and strengthened positions on the market of oil-derived products, which all has been accompanied by sufficient equity to assets ratios.
Information on all credit ratings assigned in accordance with the National Rating Scale may be found in REUTERS and BLOOMBERG information systems.
For more information, please contact:
Information and analytic department
Sergey Rozumyak +38 044 490 25 50
SRozumyak@credit-rating.com.ua
