print
07.07.2011
Credit-Rating upgrades PJSC «DTEK Pavlogradugol» to uaA
Credit-Rating upgraded the long-term credit rating assigned to PJSC «DTEK Pavlogradugol» (city of Pavlograd, Dnepropetrovsk region, Ukraine) from uaBBB to uaA. The outlook on the rating has been changed to stable. PJSC «DTEK Pavlogradugol» is one of the largest thermal and coking coal production enterprises in Ukraine. To revise the rating Credit-Rating considered financial statements of PJSC «DTEK Pavlogradugol» for II half of 2010 and for 2010 as a whole, as well as other inside information submitted by PJSC «DTEK Pavlogradugol» within the rating procedure.
Factors maintaining the credit rating:
-
PJSC «DTEK Pavlogradugol» is incorporated into «DTEK» vertically integrated energy generation company (DTEK): the 2010 net profit amounted UAH 2.9 bln., exceeding respective figure for 2009 by 3.3 times;
-
strong market positions of DTEK which provided 47% of Ukraine’s heat generation electricity production in 2010, as well as 26% of Ukraine’s coal mining; the share of PJSC «DTEK Pavlogradugol» mining in a total volume of DTEK Group companies’ mining amounted 79% in 2010;
-
low level of DTEK debt burden.
Factors constraining the credit rating:
-
risks associated with redistribution of cash flows within DTEK group of companies without consideration of PJSC «DTEK Pavlogradugol» interests;
-
instability of performance efficiency indicators of PJSC «DTEK Pavlogradugol»;
-
impact of state regulation of electricity and energy market in Ukraine on DTEK group of companies.
Information on all credit ratings assigned in accordance with the National Rating Scale may be found in THOMSON REUTERS and BLOOMBERG information systems.
For more information, please contact:
Mr. Alexey Kapustinskiy
+380 44 490 2550
AKapustinskiy@credit-rating.ua
