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17.06.2009
Credit-Rating places Podillya CJSC’s rating to Rating Watch List
Credit-Rating, a nationally recognized credit rating agency in Ukraine has today announced that it placed to Rating Watch List (`RWL`) the long-term credit rating of uaA+ (uaA plus) assigned to coupon collateralized coupon bonds (series A) issued by Vinnitsa Oblast-based Podillya CJSC (`issuer` or `company`) for the amount of UAH100m. The outlook on the rating is negative.
The company`s rating of uaA+ is underpinned by guarantee from Roshen Confectionery Corporation (`Roshen`) rendered to the bond issue. The decision on removal the rating from the RWL and its possible change will be made upon receipt the information on Roshen`s actions with regard to meeting its commitments on the guarantee agreement.
Pursuant to the guarantee agreement #1 dated Apr. 3, 2007 concluded between Podilly CJSC and Roshen Confectionery Corporation, in case of issuer`s failure to meet its obligations, the creditor has a right to file a written demand to the guarantor so that the guarantor would meet the obligations, and the guarantor shall satisfy in full the demand filed within 5 banking days upon receipt of the claim and all necessary formalized documents.
An obligor or a debt liability with uaA credit rating is characterized with the HIGH STRONG creditworthiness as compared to other Ukrainian obligors or debt liabilities. This level of creditworthiness is susceptible to adverse changes in commercial, financial and economic conditions. 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.
The Rating Watch List is intended to inform financial market participants about possible changes of ratings in short-term prospective. 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 0
SRozumyak@credit-rating.ua
Denis Rudenko
DRudenko@credit-rating.ua
