print
17.08.2007
Credit rating assigned to bond issue by Unigran LLC upgraded to uaBBB
Credit-Rating, a nationally-recognized credit rating agency in Ukraine, has today upgraded from uaBBB- to uaBBB the long-term credit rating assigned to registered coupon bonds (B, C series) issued by the Kiev-based Unigran LLC (`Issuer` or `Company`) for the amount of UAH 10m with the 3-year original maturity. The company`s main business is selling and transporting high-quality crushed rock and granite for the companies of Kiev, Kiev Oblast and other cities of Ukraine. To revise the rating, the agency used Issuer`s financial statements for 2Q2007 and 1H2007, as well as other inside information furnished by the company.
An obligor or a debt liability with uaBBB credit rating is characterized with SUFFICIENT creditworthiness as compared to other Ukrainian obligors or debt liabilities. This level of creditworthiness is affected by adverse changes in commercial, financial and economic conditions.
In the course of the rating`s upgrade procedure the agency took into account the company`s growing indicators over 1H2007, specifically net income which increased by 5.9 times and amounted to UAH 13.3m as compared to the same period of previous year, net sales which increased by 35.4% and amounted to UAH 100.8m. In Addition, over 2005-1H2007 sales profitability grew by 4.4 times and reached 13.2% level and EBITDA ratio increased by 2.5 times to 22.67%. In spite of the company`s use of borrowed cash, over 1H2007 the EBITDA ratio increased by 3.3 times as compared to the same period of previous year and covered the interest due for bond and loans by 44.2 times (the ratio increased by 4.5 times) and the amount of total loss for loan financing by 3.7 times (the ratio increased by 2 times).
Information on all the credit ratings assigned in accordance with the Ukrainian
National Scale may be found in the REUTERS and
BLOOMBERG Information systems.
For further information, please contact:
Information and Analytic Department
Sergey Rozumyak +38 044 490 25 50
SRozumyak@credit-rating.com.ua
