Terra Energy & Resource Technologies Inc. (TEGR)

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fyi: Alrosa S&P Rating Raised (4/06)

MOSCOW (Bloomberg) — Alrosa, Russia’s diamond monopoly, had its long-term credit rating raised one level by Standard & Poor’s, which cited the Siberian company’s improving financial results.

The rating was raised to B+ from B, four steps below investment grade, with a positive outlook, S&P said in a statement. Alrosa’s short-term rating remains B.

Alrosa, based in Mirny, eastern Siberia, is the world’s second-biggest diamond producer after De Beers. Alrosa said Dec. 28 that it expects sales to rise 12 percent to $2.9 billion this year, from an expected $2.5 billion last year.

The upgrade “reflects Alrosa’s strengthening profitability and cash flows,” Standard & Poor’s credit analyst Elena Anankina said in the statement. “The ratings on Alrosa could be raised by up to two notches if the full audited 2005 financials confirm positive operating and financial trends, and if the Russian government achieves direct majority control over the company.’’

http://www.sptimes.ru/index.php?action_id=2&story_id=17214