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23.03.2006
"Credit rating" upgraded credit-rating of "Chornomor naftogaz" (Simpheropol) to "uaA"
Today independent rating agency Credit-Rating announced the upgrade of a long-term credit rating of NJSC Chornomornaftogaz ( Simferopol) from "uaBBB" to "uaA". For the rating revision Credit-rating agency used the companys financial reports for 2005 and in particular the 4 Th quarter of 2005. NJSC Chornomornaftogaz is a leading Ukrainian oil and gas company developing and exploiting oil and gas fields on the platforms of the Black sea and the Sea of Azov and also is the main oil and gas integrated works of the Autonomous Republic of Crimea.
The reasons for the credit rating upgrade of NJSC Chornomornaftogaz included the stable increase of hydrocarbons production volumes by the company over the three past years. The companys share in most sectors of oil and gas market of the AR Crimea in development and sales of natural gas and oil approaches 100%. Over the three past years the profitability index was growing, in particular EBITDA profitability grew from UAH 25.1% to 38.6%. The companys net income for 2005 was UAH 55.5 million, which is 10.4 million more than in 2004. In the course of the year the companys balance currency grew by UAH 44.7 million to 1725.9 million. Dynamics of balance currency items tells of the companys stable operation in a few consecutive years. The main source to finance the companys production needs remains borrowed finances and undistributed profit, yet the financial stability index keep high level financial independence index was 0.83.
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