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11.11.2005
Сredit rating of NJSC «Neftegaz Ukraini» is lowered to “uaA” level
Today the independent rating agency lowered a long term credit rating of NJSC «Neftegaz Ukraini» to «uaA» level. The rating outlook is negative; it is likely to be followed by further rating lowering should negative tendencies and current risks sustain.
Factors taken into account when lowering the rating level:
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Unsettled state of agreement relations with Russian Federation related to terms of gas delivery to Ukraine in 2006;
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Insufficient flexibility and strong gas tariffs’ dependence upon the state policy, - gas tariffs set for different consumer categories in 2005 didn’t answer company’s needs and expectations;
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Growth of financial activity indices’ load of NJSC «Neftegaz Ukraini», connected with the necessity to meet company’s financial plan, accepted by The Cabinet of Ukraine, for 2006 in taxation sphere and obligatory payments to the budget totalled 7,4 billion UAH;
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Unprofitable activity of NJSC «Neftegaz Ukraini» during the first half of 2005.
First credit rating of NJSC «Neftegaz Ukraini» was of «uaAA» level and was assigned on the 12th of November 2004 and on the 21st of October 2005 the rating outlook turned into negative.
Information on the assigned credit ratings according to the Ukrainian national scale is available at the internet site of «Credit-Rating» company www.credit-rating.com.ua, as well as in informational systems of REUTERS and BLOOMBERG
Should you need more detailed information, please contact Dmitriy Zadesenets,
Kyiv (+38044 490 25 50, fax +38044 490 25 54)
