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26.07.2006
uaBB credit rating assigned to upcoming bond issue of AE "NIVA", Ltd
Today independent rating agency Credit-Rating announced the granting of a long-term uaBB credit rating to the registered interest-bearing bond issue (A series) by Agricultural Enterprise Niva Ltd (Rivne region) in the amount of UAH 15 million with a circulation period of 3 years. The companys main activity is production of sand sugar and cropping.
Factors supporting the credit rating's level:
- the Issuer is a member of Dakor company group that includes five sugar refineries and whose share in Ukrainian market is 4%;
- improved financial and economic performance of the Issuer: total balance grew from UAH 3.7 million to 52.5 million in 2003 1 st quarter 2006; net sales volume grew from UAH 1.8 million to 71.6 million and net income from UAH 0.047 million to 6.5 million, EBITDA profitability from 2.5% to 13.5% during 2003-2005;
- the scheduled bond issue is consistent in volume with the owned capital.
Factors restricting the credit rating's level:
- the Issuers activity is susceptible to changes in state policy in agriculture and industry and is seasonable and dependant on natural climatic conditions;
- the economic operation of the company is susceptible to rise of prices in one of the key components of the prime cost gas;
- the Issuers risks are connected with risks of Dakor company group.
For more detailed information, please contact us.
Kyiv (+38044 490 25 50, fax +38044 490 25 54)
