The rating of Odesa confirms at uaАА- Credit-Rating confirms the rating of Odesa at uaАА- Credit-Rating confirms the rating of Odesa at uaАА-

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29.06.2006

uaBBB- credit rating assigned to upcoming bond issue of "UkrAgro NPK", Ltd

Today independent rating agency Credit-Rating announced the granting of a long-term uaBBB- credit rating to the scheduled registered interest-bearing bond issue by CJSC Ukragro NPK (Cherkassy region) in the amount of UAH 15 million with a circulation period of 3 years. The companys main activity is production and sales of compound fertilizers and also sales of mineral fertilizers of other producers

Factors supporting the credit rating's level:

  • The Issuer produces mineral fertilizers fertilizer mixtures, the demand for which kept growing in the recent years, the companys share in this market was over 10% in 2005; 
  • The Issuer is a member of Linas Agro group, one of the leading companies in Baltic countries in processing and sales of agricultural products;
  • Growth of net sales volume over 2002-2005 from UAH 5.1 million to 110.6 million, the increase of net income volume from UAH 0.3 million to 1.6 million;
  • The scheduled bond issue is smaller in volume than the Issuers owned capital (UAH 16.9 million).

Factors restricting the credit rating's level:

  • the companys activity is susceptible to changes in state policy in agricultural and industrial complex which affects the level of production and sales of fertilizers;
  • rather low showings of the Issuers profitability and liquidity, in particular, the sales rofitability index was never higher than 1.5% in the past two years, the general liquidity index 1.3%.

For more detailed information, please contact us.
Kyiv (+38044 490 25 50, fax +38044 490 25 54)

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