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29.01.2009
Credit-Rating rates Furshet CJSC at uaAA-
Credit-Rating, a nationally recognized credit rating agency in Ukraine has today announced that it assigned a long-term counterparty credit rating of uaAA- (uaAA minus) to Kiev-based Furshet CJSC (company). The outlook on the rating is negative. The companys principal activity is retailing. In the course of analysis Credit-Rating considered companys and Furshet groups financial statements and their other inside information.
An obligor or a debt liability with uaAA credit rating is characterized with the VERY STRONG creditworthiness as compared to other Ukrainian obligors or debt liabilities. A plus "+" and a minus "-" signs indicate intermediary categories compared to the standard categories (grades).
Negative outlook indicates that there is a possibility to downgrade the rating in the course of the year, on condition that negative tendencies are retained and current risks are realized.
Factors maintaining the credit rating
- Leading market positions of Furshet group.
- Expansion of Furshet chain, which, as of end-2008, embraced over 100 supermarkets located in Ukraine and Moldova.
- The Furshet groups sales have rapidly grown over the past few years, in fact the net consolidated earnings advanced by 45% in 2007 to UAH3.5bn (converted into UAH by the rate of UAH/USD of 5.05) and the EBITDA by 67% to UAH256m.
Factors constraining the credit rating
- Negative cash flows of Furshet group recorded over the past few years.
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.ua
Denis Rudenko
DRudenko@credit-rating.ua
