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24.05.2006
uaBB+ credit rating assigned to upcoming bond issue of "Optima-Leasing", Ltd
Today independent rating agency Credit-Rating announced the granting of a long-term uaBB + credit rating to the scheduled registered interest-bearing bond issue (B series) by Optima-leasing, Ltd (Brovary) in the amount of UAH 10 million with a circulation period of 3 years. The Issuers main activity is leasing services and car rental. In the analysis process Credit-Rating agency used the Issuers complete financial reports for 2001-2005 as well as other inside information provided by the company also during meetings of the rating agency specialists with authorized representatives of Optima-leasing, Ltd.
Factors supporting the credit rating's level:
- Gradual increase of net sales volume that grew from UAH 5 to 22 million over the past 5 years; considerable increase of assets and owned capital that amounted to UAH 67.2 and 8 million respectively by the end of 2005;
- Franchising with one of the leading European companies in the market of leasing services and car rental SIXT is to enhance the Issuers competitive positions in the market;
- Large working experience in leasing services, automobile rental and service Optima-leasing, Ltd is one of five top car leasing companies in Ukraine;
- Dynamical development of leasing service market allows expecting further growth of demand for these services;
- The Issuer has a positive experience in offering and serving debt securities.
Factors restricting the credit rating's level:
- The Issuers low profitability indices over the past three years;
- Limited competitive ability of leasing companies compared to bank crediting and loan extension to credit unions, due to value added tax on leasing operations and leasing payments;
- Scheduled considerable expansion of the Issuers activity heightens it susceptibility to market risks.
For more detailed information, please contact us.
Kyiv (+38044 490 25 50, fax +38044 490 25 54)
