S&P ups Novorossiysk outlook to positive

Standard & Poor's said it revised its outlook on OJSC Novorossiysk Commercial Sea Port to positive from stable.

Simultaneously, the agency said it has affirmed the group's BB+ long-term corporate credit rating, as well as the ruAA+ Russia national-scale rating.

"In its view, Novorossiysk's financial profile has greatly improved in the last three years," said S&P credit analyst Nicolas Baudouin.

Its adjusted net debt fell to $252 million in 2009 from $584 million in 2007 and the agency said it expects further reductions by year-end 2010.

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