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The Long-term Credit Rating of Pavlogradugol OJSC Upgraded to uaBBB
23 June, 2008
Pavlogradugol, 23 June 2008. – The independent agency Credit-Rating has upgraded the long-term credit rating assigned to Pavlogradugol OJSC (incorporated into Donbass Fuel-Energy Company) to uaBBB. The rating outlook has been revised to stable.
Upgrading of the credit rating to uaBBB is evidence of Pavlogradugol’s sufficient creditworthiness compared to other Ukrainian obligors. The stable outlook indicates that there are no anticipated reasons to change the rating during the year.
According to the agency, the following factors have maintained the credit rating of Pavlogradugol OJSC: being a part of the vertically integrated Donbass Fuel-Energy Company; the stable market position of DTEK, which provided 27% of the total national thermal generation of electricity and 21% of the national output of coal in 2007, as well as expected growth in the demand for thermal coal.
Pavlogradugol OJSC has been taking part in this rating every year since 2005 and, over this period, the company’s credit rating has been raised from uaB- (uaB minus) to uaBBB, under the national rating scale.
‘The upgraded long-term credit rating of Pavlogradugol OJSC gives us evidence of the efficient financial performance of our company and Donbass Fuel-Energy Company as a whole. Such an appraisal of our efforts will contribute to consolidating our relations with partners and create favourable conditions to build new business connections’, said Grigoriy Koldunov, the Director of Economy and Finance of Pavlogradugol OJSC.
Reference
Donbass Fuel-Energy Company (DTEK) is the first vertically integrated energy company of Ukraine, which is a part of the financial and industrial group System Capital Management (SCM).
The enterprises of DTEK build up an efficient production chain, from coal production (Pavlogradugol OJSC, Komsomolets Donbassa Mine OJSC) and enrichment (five enrichment plants) to electric power generation (Vostokenergo Ltd.) and distribution (Service-Invest Ltd., PES-Energougol OJSC).
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