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17.02.2009
Credit-Rating downgrades Iboya LLC and its bonds to uaBB
Credit-Rating, a nationally recognized credit rating agency in Ukraine has today announced that it downgraded to uaBB from uaBB+ (uaBB plus) the long-term credit ratings assigned to Dnepropetrovsk-based Iboya LLC (`issuer` or `company`) and its bond issue for the amount of UAH40m due Jan. 30, 2012. The outlooks on both ratings are negative. Credit-Rating has also placed both ratings on Rating Watch List (`RWL`).
These rating actions were prompted by company`s failure to make payments in a full manner on series A bonds, which were offered on Feb. 2, 2009 (the company has not repaid 60% of bonds offered). Further rating actions with regard to the company and its bond issue will be contingent upon arrangement on restructuring the debt and its timely repayment.
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.
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.
The rating placed on RWL denotes that Credit-Rating is currently considering its change as a result of events or ongoing trends, which may negatively affect creditworthiness of a rating`s bearer.
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
