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26.02.2009
Credit-Rating assigns Garant Express Oil LLC`s bond issue uaCCC (provisional)
Credit-Rating, a nationally recognized credit rating agency in Ukraine has today announced that it assigned a long-term credit rating of uaCCC (provisional) to registered coupon bonds (series A) issued by Poltava-based Garant Express Oil LLC (`issuer` or `company`). The amount of the issue is UAH30m, with 5-year original maturity. In the course of analysis Credit-Rating considered issuer`s financial statements for 2006-2007 and 1H2008 and its other inside information.
An obligor or a debt liability with uaCCC credit rating is characterized with the VERY LOW creditworthiness as compared to other Ukrainian obligors or debt liabilities. There is a default possibility.
Factors maintaining the credit rating
- Growth of company`s key figures, in fact in 1H2008 its net earnings increased 25.4x to UAH84.7m, with the net profit recorded at UAH4.1m as compared to the similar year-earlier period, when the loss of UAH946.9K was recorded.
Factors constraining the credit rating
- Issuer`s information opacity and intransparency.
- The issuer`s activities are dependant upon environment in the oil sector, where significant price fluctuations may occur.
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
