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05.11.2010
Credit-Rating Upgrades Globyno Meat Factory LLC to uaA
Credit-Rating, a nationally recognized credit rating agency in Ukraine has today announced that it upgraded to uaA from uaA- (uaA minus) the long-term credit ratings assigned to Poltava Oblast-based Globyno Meat Factory LLC (‘issuer’ or ‘company’) and its issue of 5-year registered coupon bonds (series A) for the amount of UAH50m. The outlook on both ratings is stable. The company’s principal activity is production of meat and meat products. To revise the rating Credit-Rating considered issuer’s financial statements for 1H2010 and its other inside information.
An obligor or a debt liability with uaA credit rating is characterized with the HIGHLY 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.
Stable outlook indicates that there are no anticipated reasons to change the rating in the course of the year.
Factors maintaining the credit rating:
- The issuer is associated with legally informal Globyno group of companies, which takes strong standing in Ukrainian sector of meat and meat products.
- Rise in key figures of this group, notably of net income and operating profit, under retaining low debt burden.
- Company’s information transparency.
Factors constraining the credit rating:
- Hot competition in the national meat market under decreased purchasing capacity of the public.
- Issuer’s vulnerability to changes in the state regulatory policy affecting the agricultural sector.
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
