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02.10.2007
Credit-Rating upgrades Financial Leasing Group`s bonds to uaB
Credit-Rating, a nationally recognized credit rating agency in Ukraine has today upgraded to uaB from uaCCC the long-term credit rating to UAH50m 4-year issue of registered zero-coupon bonds (A series) by Kiev-based Financial Leasing Group LLC (`Issuer` or `company`). The company`s primary activity is financial and operating leasing, and securities operations. To revise the rating the agency considered Issuer`s financial statements for 2Q and full 1H2007, as well as other inside information furnished by the company.
An obligor or a debt liability with uaB credit rating is characterized with the LOW creditworthiness as compared to other Ukrainian obligors or debt liabilities. This level of creditworthiness is extremely susceptible to adverse changes in commercial, financial and economic conditions.
In the course of the rating`s revision procedure Credit-Rating took into account that the company has expanded its leasing segment, specifically the Issuer has gained payments for UAH11.97m in 1H of the current year, with UAH7.5m of them generated in 2Q, whereas 2006 saw leasing payments for UAH6.47m. Moreover, the agency took into consideration that the specific gravity in company`s net earnings from sales has advanced to 33.6 from 2.3 per cent over the past 12 months, which shows company`s focusing on leasing.
Information on all credit ratings assigned in accordance with the Ukrainian national scale may be found in REUTERS, BLOOMBERG and FTN MONITOR information systems.
For further information, please contact:
Information and analytic department
Sergey Rozumyak +38 044 490 25 50
SRozumyak@credit-rating.com.ua
