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16.02.2009
Credit-Rating rates Kirovogradoblenergo OJSC at uaBBB
Credit-Rating, a nationally recognized credit rating agency in Ukraine has today announced that it assigned a long-term counterparty credit rating of uaBBB to Kirovograd-based Kirovogradoblenergo (`company`). The company`s principal activity is supply of electrical energy. In the course of analysis Credit-Rating considered company`s financial statements 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.
Factors maintaining the credit rating
- Company`s natural monopoly on supply of electrical energy at regulated tariff in the region.
- Growth in company`s profitability indicators recorded in 1H2008 (the EBITDA margin was at 24.9%) and high payment discipline for the energy supplied.
Factors constraining the credit rating
- Company`s dependency upon state regulatory policy in the sector conducted by the National Commission for Energy Regulation
- Risks imposed by redistribution of funds within legally informal VS Energy International Ukraine group, which incorporates the 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.ua
Denis Rudenko
DRudenko@credit-rating.ua
