OREANDA-NEWS. January 17, 2008. Credit-Rating, a nationally recognized credit rating agency in Ukraine has upgraded to uaA+ (uaA plus) from uaA the long-term credit rating assigned to Concern Galnaftogaz OJSC, the agency's press service reported. The agency has also upgraded to uaA+ (uaA plus) from uaA the long-term credit rating assigned to Galnaftogaz's UAH90m 3-year issue of registered coupon bonds (D-F series). The outlook on both ratings has been revised to Stable. In the course of the rating revision procedure Credit-Rating considered Galnaftogaz's financial statements as of June 30, 2007, and those for 1H2007, as well as other inside information furnished by the company.

An obligor or a debt liability with uaA credit rating is characterized with the HIGH STRONG creditworthiness as compared to other Ukrainian obligors or debt liabilities. This level of creditworthiness is susceptible to adverse changes in commercial, financial and economic conditions. The plus (+) or minus (-) modifier denotes rating's relative status within major categories.

In the course of the rating revision procedure Credit-Rating took into account the fact that the company has been expanding rapidly, which resulted in increased number of petrol stations, growth in trade turnover, and strengthened positions on the market of oil-derived products, which all has been accompanied by sufficient equity to assets ratios.