Moody's upgrades Novorossiysk Commercial Sea Port debt rating to Ba1

London, 14 September 2007 – Moody's upgraded the US$300 mln senior unsecured Loan Participation Notes issued by Novorossiysk Port Capital S.A. (the «Loan Participation Notes») to Ba1 from Ba2. The Ba1 Corporate Family Rating of OJSC Novorossiysk Commercial Seaport («NCSP») has been affirmed. At the same time Moody's has assigned a Aa1.ru Russian National Scale Corporate Family Rating to NCSP. The rating outlook is stable, the agency said.