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Moody's changes Bulgaria Kremikovtsi's CFR outlook to negative

Date: 26.10.2007

Moody's Investors Service said it has changed to negative the outlook on Bulgarian steel producer Kremikovtsi AD's 'Caa1' corporate family rating (CFR) to reflect its lower than expected profitability in 2007.

"The company's operating performance remained broadly stable in first-half of 2007, but its EBITDA for the year is seen coming in lower than expected," Moody's said in a statement.

The ratings agency said this was due to a lower than projected revenue per tonne and weaker margins achieved by Kremikovtsi in the first half of the year, reflecting strong energy and raw material prices and inflation impact on labor and overheads costs.

Moody's noted that Kremikovtsi is working with various government agencies to obtain the Integrated Complex Permit to be issued by the Bulgarian Ministry for Environment and Water Recourses.

Kremikovtsi, a single-site steel producer, reported BGN 896 M in revenues in 2006.

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