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29.09.2005
“uaBBB+” credit rating assigned to upcoming bond issue of JCSB TAS-Kommerzbank
Independent rating agency Credit-Rating announced the award of a long term “uaBBB+” credit rating to the issuance of registered interest bearing bonds of joint stock bank TAS-Kommerzbank in the amount of 40 million UAH for a three year period of circulation.
Positive factors that were taken into account in the rating:
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Dynamic increase of the main balance indexes (the bank’s assets increased from 244 million UAH as of the beginning of 2003 to 1.4 billion UAH as of July 1, 2005, which made it possible for the bank to climb from the 40th place (as of the beginning of 2003) to the 27th place in the NBU rating (as of July l, 2005);
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Improvement of market position of the bank, regional infrastructure development (up to 65 offices), growth of clientele base (increase of legal entities by 2.7 times, increase of natural people by 23 times for the last 5.5 years);
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Strong position of joint stock bank TAS-Kommerzbank in the market of factoring services, the share of the issuer in the market of factoring services in Ukraine made up 32%;
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Higher liquidity index and provision with the bank’s own capital in comparison with the average indexes in banking system in Ukraine.
Negative factors that were included in the rating:
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For the bank the topical risks are those that are connected with soaring increases in balance indexes and office networks, especially assets quality support and cost increase control;
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Low level of electronic payment systems development at the present stage restricts the competitive strength of the bank on the retail services market and predetermines the rising cost of expansion and operation.
Information about all ratings in the Ukrainian national scale is available at the internet site of the company Credit-Rating www.credit-rating.com.ua
In order to get more detailed information please contact Baklazhenko Sergei, Kyiv +38 (044) 490-25-50, 490-25-54, rating@credit-rating.com.ua
