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30.10.2008
Credit-Rating downgrades a number of automotive companies and their issues
Credit-Rating, a nationally recognized credit agency in Ukraine has today announced that it downgraded ratings and revised rating outlooks of the companies (and/or their bond issues) operating in automotive industry:
The credit rating assigned to bonds (series A,B) issued by Atlant-M LLC has been downgraded to uaBBB- from uaA-, with rating outlook revised to negative from stable. The credit rating assigned to bonds (series A) issued Energoavtomatika LLC has been downgraded to uaBBB from uaA+, with that assigned to bonds of series B downgraded to uaBBB from uaBBB+. The outlooks on the ratings have been revised to negative from stable. The credit rating assigned to Ista-Centre CJSC has been downgraded to uaBBB from uaBBB+, with the rating outlook revised to negative from stable. The outlook on the uaBBB+ rating assigned to LUAZ OJSC and its bond issue (series A and B) has been revised to negative from stable. The outlook on the uaBB rating assigned to bond issue (series A) issued by Ukravtoholding LLC has been revised to negative from stable.
The downgrades of the ratings and revision of its outlooks has been prompted by expected decline in the volumes of car sales on the domestic market following the sharp decrease in retail lending and devaluation of the national currency, as well as companies` limited access to loans, which puts significant pressure on their liquidity.
The negative outlook on the ratings reflects likelihood of the ratings` downgrade in the course of the year. Further rating actions will be contingent upon influence of these negative trends on the financial indicators of a company.
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 analytic department
Sergey Rozumyak +38 044 490 25 50
SRozumyak@credit-rating.com.ua
