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27.07.2006
uaBBB credit rating assigned to upcoming bond issue of "Bayadera", Ltd
Today independent rating agency Credit-Rating announced the granting of a long-term uaBBB credit rating to the registered interest-bearing bond issue (A, B series) by PC Bayadera ( Gorlovka, Donetsk region) in the amount of UAH 50 million with a circulation period of 3 years. The companys main activity is trade of alcoholic beverages.
Factors supporting the credit rating's level:
- PC Bayadera has a 15-year working experience in distribution of alcoholic beverages and is one of the five largest operators of this market;
- the Issuer is a leading company in the group that includes enterprises producing alcoholic beverages, distributors, and companies providing strategic marketing and property management, which allows PC Bayadera to minimize market risks;
- growth of the Issuers financial and economic performance showings over the past five years: assets increased almost 3 times to UAH 394.9 million (as of 31.03.2006), net sales volumes grew 88% to UAH 412.3 million (in 2005), the companys yield margin grew from 6% to 15%;
- the scheduled bond issue is almost 2 times less than PC Bayaderas owned capital as of 31.03.2006.
Factors restricting the credit rating's level:
- risks of redistribution of monetary aggregates inside the company group;
- PC Bayaderas negotiability showings clearly tended to worsen over the past 5 years;
- high level of state regulation of alcoholic beverages market in Ukraine which might considerable change the conditions of operation in this market in a short spell of time;
- growing competition in the alcoholic beverages market in Ukraine.
For more detailed information, please contact us.
Kyiv (+38044 490 25 50, fax +38044 490 25 54)
