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08.10.2008
Credit-Rating assigns Energobank JSB`s upcoming bond issue uaBBB+
Credit-Rating, a nationally recognized credit rating agency in Ukraine has today announced that it assigned a long-term credit rating of uaBBB+ (uaBBB plus) to registered coupon bonds (series B) to be issued by Kiev-based Energobank JSB (`bank`). The amount of the issue is UAH65m, with 5-year original maturity. The outlook on the rating is positive. In the course of analysis Credit-Rating considered bank`s financial statements for 2004-2007 and 1H2008 and its other inside information.
An obligor or a debt liability with uaBBB credit rating is characterized with the 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.
Positive outlook indicates that there is a possibility to upgrade the rating in the course of the year, on the condition that positive tendencies are maintained and that current risks are reduced.
Factors maintaining the credit rating
- The bank may get necessary backing from its primary owner Moscow-headquartered National Reserve Corporation CJSC.
- The bank enjoys efficient risk management system.
- Moderate level of concentrations in the bank`s loan portfolio coupled with small share of bad loans.
- The bank`s assets and liabilities are balanced by their due terms.
Factors constraining the credit rating
- High level of concentrations in the bank`s resource base, which constrains ist financial flexibility and imposes liquidity risks.
- Modest bank`s performance indicators.
- Bank`s exposure to loss of its market positions in hotly competitive market environment.
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
