|
|
||||||||
|
|||||||||
|
|
Fitch Ratings Sees Perspective of DTEK’s Development
24 September, 2008
Kiev, 24 September, 2008. – Fitch Ratings global rating agency upgraded the outlook of DTEK Holdings Limited (DTEK) rating from ‘Stable’ to ‘Positive’. The international long-term rating of the Company is maintained at ‘B+’ level, the international short-term rating at ‘B’ level, and the national long-term rating at ‘AA’ level.
An official statement from the rating agency pointed out that: ‘DTEK maintains stable financial performance in 2007 and in the first half of 2008’. Analysts at Fitch Ratings stated that ‘this stable financial growth will continue. DTEK remains one of the most efficient and cost-effective coal producers and power generators in Ukraine’.
The first rating was assigned to DTEK by the agency in the autumn of 2007 with an international long-term rating of ‘B+’, an international short-term rating of ‘B’, and a national long-term rating of ‘АА-‘, with ‘stable’ outlook. In June 2008, Fitch Ratings assigned a ‘AA-’ rating to the domestic internal bonds of DTEK under its national scale.
‘The assessment of our performance by Fitch Ratings is one more solid recognition of DTEK’s successful development. Financial soundness is the keystone of a stable, reliable and dynamically growing business, and the foundation for the prosperity of the company as a whole and for the prosperity of each employee who makes his/her contribution to our common business every day’, said the CFO of DTEK, Yuriy Ryzhenkov.
Reference
DTEK is the leading privately owned, vertically integrated energy company operating in Ukraine. It is a part of the financial and industrial group System Capital Management (SCM). The enterprises of DTEK build up an efficient operational chain from coal production (Pavlogradugol OJSC, Komsomolets Donbassa Mine OJSC) and enrichment (five enrichment plants), to electricity generation (Vostokenergo Ltd.) and distribution (Service-Invest Ltd., PES-Energougol OJSC).
DTEK is the leader of the fuel-energy industry in Ukraine. According to 2007 results, the Company’s market share in the Ukrainian coal mining industry was 20.9%; its market share in thermal power generation was 27.0% and its market share in electricity distribution was 5.4%.
Fitch Ratings is a global rating agency committed to providing timely and accurate opinions of issuers’ creditworthiness; conducting top quality credit analysis and rendering premium analytical services to issuers, investors and bankers. Fitch Ratings is dual-headquartered in New York and London, operating 49 offices in more than 90 countries. Fitch Ratings is a subsidiary of Fimalac, S.A., an international financial group headquartered in Paris, France. print version |
