Milan, December 17, 2008 -- Moody's Interfax Rating Agency ("Moody's Interfax") has today assigned a Aaa.ru national scale rating ("NSR") to Sovcomflot ("SCF").
The last rating action on SCF was on 16 July, 2008, when Moody's Investors Service ("Moody's") affirmed SCF's global scale rating ("GSR") of Baa1.
Moscow-based Moody's Interfax is majority-owned by Moody's, a leading global rating agency.
According to Moody's and Moody's Interfax , the Baa1 GSR reflects the company's global default and loss expectation, while the Aaa.ru NSR reflects the standing of the company's credit quality relative to its domestic peers. The Aaa.ru NSR reflects the same positive factors and is constrained by the same challenges as the Baa1 issuer rating, with all the factors and challenges detailed in Moody's Investors Service's credit opinion which can be found on www.moodys.com.
The principal methodology used in rating this issuer was the Global Shipping Industry Rating Methodology, which can be found at www.moodys.com in the Credit Policy & Methodologies directory, in the Ratings Methodologies subdirectory. Other methodologies and factors that may have been considered in the process of rating this issuer can also be found in the Credit Policy & Methodologies directory.
SCF is a state-owned Russian shipping company that focuses on the energy transportation sector. On December 2007, SCF merged with Novoship. The new group, with global revenues around US$1.6 billion and total assets over US$5.7 billion, ranks in the world's top five energy-shipping players, with a fleet of about 130 vessels for a total DWT of around 9.2 million.