OREANDA-NEWS. April 12, 2010. Credit-Rating, a nationally recognized credit rating agency in Ukraine has announced that it assigned a long-term credit rating of uaB to Odessa-based Chernomorskaya Transportation Company CJSC (‘issuer’ or ‘company’). Credit-Rating has also assigned a long-term credit rating of uaBBB- (provisional) to company’s upcoming issue of registered coupon bonds (series A) for the amount of UAH10m due Apr. 14, 2015. The outlook on the rating is stable. The company’s principal activity is transportation services. In the course of analysis Credit-Rating considered issuer’s financial statements for 2006-2008 and 9M2009 and its other inside information.

An obligor or a debt liability with uaB credit rating is characterized with the LOW creditworthiness as compared to other Ukrainian obligors or debt liabilities. This level of creditworthiness is extremely susceptible to adverse changes in commercial, financial and economic conditions.

An obligor or a debt liability with uaBBB credit rating is characterized with the SUFFICIENT creditworthiness as compared to other Ukrainian obligors or debt liabilities. This level of creditworthiness is affected by adverse changes in commercial, financial and economic conditions. A plus "+" and a minus "-" signs indicate intermediary categories compared to the standard categories (grades).

Stable outlook indicates that there are no anticipated reasons to change the rating in the course of the year.

Factors maintaining the credit rating

The company operates on the passenger transportation market, which has not been deeply affected by adversities in the economy.

Factors constraining the credit rating

High issuer’s debt burden.

Issuer’s volatile performance indicators.

Factors maintaining the credit rating of the debt instrument

A guarantee provided by IMEXBANK JSC.

The company operates on the passenger transportation market, which has not been deeply affected by adversities in the economy.

Factors constraining the credit rating

High issuer’s debt burden.

Issuer’s volatile performance indicators.