S&P assigns Novorossiysk BB+

Standard & Poor's said it assigned its BB+ long-term corporate credit rating and ruAA+ Russia national-scale rating to OJSC Novorossiysk Commercial Sea Port.

The outlook is stable.

At the same time, the agency said it assigned its BB+ preliminary long-term debt rating to the proposed senior unsecured loan participation notes to be issued by Novorossiysk's financing vehicle Novorossiysk Port Capital SA.

The agency added that the ratings on Novorossiysk reflect its aggressive financial profile and limited track record as a consolidated group, raising uncertainties about corporate governance and financial policy, as significant assets were only consolidated in 2006.

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