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17.07.2009
Credit-Rating revises Furshet CJSC`s ratings
Credit-Rating, a nationally recognized credit rating agency in Ukraine has today announced that it changed to uaA- (uaA minus) from uaAA- (uaAA minus) the long-term credit rating assigned to Kiev-based Furshet CJSC (`issuer` or `company`) and to its registered coupon bonds (series E) for the amount of UAH200m, with 3-year original maturity. The outlook on the ratings is negative. The company`s core business is retailing.
These rating actions were triggered by adverse environment in the financial markets, which prompted temporary deterioration of the company`s liquidity. The company has successfully completed restructuring the obligations on the bonds of series C (due Apr. 15, 2009) and D (offer term is May 2009) for the period from 12 to 18 months, with the negotiations on probable restructuring the obligations on series E bonds (offer term is October 2009) being underway.
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.
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
