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31.10.2007
Credit-Rating upgrades Ukrshampinyon`s bonds to uaA
Credit-Rating, a nationally recognized credit rating agency in Ukraine has today upgraded to uaA from uaA- (uaA minus) the long-term credit rating assigned to UAH25m 2-year registered coupon bonds (D series) issued by Ukrshampinyon CJSC (`Issuer` or `company`). Credit-Rating has also revised the outlook on the rating to Stable from Positive. The company`s primary activity is growing, processing and canning the champignons, as well as other agricultural products under Veres trade mark. To revise the rating Credit-Rating considered Issuer`s financial statement for 1H2007 as well as other inside information furnished by the company.
An obligor or a debt liability with uaA credit rating is characterized with the HIGH STRONG creditworthiness as compared to other Ukrainian obligors or debt liabilities. This level of creditworthiness is susceptible to adverse changes in commercial, financial and economic conditions.
`Stable` outlook indicates that there are no anticipated reasons to change the rating in the course of the year.
In the course of the rating`s revision procedure Credit-Rating took into account the fact that the company has successfully updated and renovated its production facilities and achieved its planned output rates. Moreover, the agency considered Issuer`s high performance indicators recorded in 2005-2006 and 1H2007: the sales profitability did not drop below 6 per cent (24.7 per cent in 1H2007), the EBITDA amounted to 18 per cent (30.9 per cent in 1H2007), the equity to assets ratio amounted to 0.62, the ratio of equity to liabilities (including bonds of D series) is 2.26.
Information on all the credit ratings assigned in accordance with the Ukrainian national scale may be found in the 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
