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09.04.2010
Credit-Rating assigns ratings to Chernomorskaya Transportation Company CJSC
Credit-Rating, a nationally recognized credit rating agency in Ukraine has today announced that it assigned a long-term credit rating of uaB to Odessa-based Chernomorskaya Transportation Company CJSC (‘issuer’ or ‘company’). Credit-Rating has also assigned a long-term credit rating of uaBBB- (provisional) to company’s upcoming issue of registered coupon bonds (series A) for the amount of UAH10m due Apr. 14, 2015. The outlook on the rating is stable. The company’s principal activity is transportation services. In the course of analysis Credit-Rating considered issuer’s financial statements for 2006-2008 and 9M2009 and its other inside information.
An obligor or a debt liability with uaB credit rating is characterized with the LOW creditworthiness as compared to other Ukrainian obligors or debt liabilities. This level of creditworthiness is extremely susceptible to adverse changes in commercial, financial and economic conditions.
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. A plus "+" and a minus "-" signs indicate intermediary categories compared to the standard categories (grades).
Stable outlook indicates that there are no anticipated reasons to change the rating in the course of the year.
Factors maintaining the credit rating
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The company operates on the passenger transportation market, which has not been deeply affected by adversities in the economy.
Factors constraining the credit rating
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High issuer’s debt burden.
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Issuer’s volatile performance indicators.
Factors maintaining the credit rating of the debt instrument
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A guarantee provided by IMEXBANK JSC.
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The company operates on the passenger transportation market, which has not been deeply affected by adversities in the economy.
Factors constraining the credit rating
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High issuer’s debt burden.
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Issuer’s volatile performance indicators.
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 +38044490 25 50
SRozumyak@credit-rating.com.ua
Denis
Rudenko
DRudenko@credit-rating.ua
