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11.04.2008
Credit-Rating upgrades Iboya LLC`s bonds to uaBB+
Credit-Rating, a nationally recognized credit rating agency in Ukraine has today announced that it upgraded to uaBB+ (uaBB plus) from uaBB the long-term credit rating assigned to registered coupon bonds (series A) issued by Dnepropetrovsk-based JV Iboya LLC (`Issuer` or `company`). The amount of the issue is UAH40m, with 5-year original maturity. The company`s principal activity is retail and wholesale trade of building materials, and execution of building-construction and finishing works. To revise the rating the agency considered Issuer`s financial statements for 4Q and full 2007 as well as other inside information furnished by the company.
An obligor or a debt liability with uaBB credit rating is characterized with the LOWER THAN SUFFICIENT creditworthiness as compared to other Ukrainian obligors or debt liabilities. This level of creditworthiness is strongly affected by adverse changes in commercial, financial and economic conditions. A plus "+" and a minus "-" signs indicate intermediary categories compared to the standard categories (grades).
In the course of the rating`s revision procedure Credit-Rating took into account the fact that the company`s goods turnover grew in 2007 by 37.4% to UAH276.9m; the Issuer`s performance, namely EBITDA made up 6.8% (4.8% in 2006), with its net working capital in 2007 amounting to UAH31.2m (UAH13.7m in 2006).
Information on all credit ratings assigned in accordance with the National Rating Scale may be found in REUTERS and BLOOMBERG information systems.
For more information, please contact:
Information and Communication Department
Sergey Rozumyak +38 044 490 25 50
SRozumyak@credit-rating.com.ua
