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01.08.2006
uaB+ credit rating assigned to upcoming bond issue of URS "Eurogurt", Ltd
Today independent rating agency Credit-Rating announced the granting of a long-term uaB+ credit rating to the registered interestbearing bond issue (A series) by URS Ltd subsidiary Eurogurt (Lviv) in the amount of UAH 15 million with a circulation period of 4 years. The companys main activity is wholesale and retail trade of food and non-food products.
Factors supporting the credit rating's level:
- growth of the Issuers financial and economic performance over the past 4 years: the assets grew 5 times to UAH 13.5 million; financial independence coefficient grew from 0.29 to 0.76 as of 01.04.2006; liquidity rates also have positive dynamics and are on a good level;
- unsatisfied wholesale and retail market of Lviv region which favors high growth rates of retail turnover of goods (123% in 2005).
Factors restricting the credit rating's level:
- as of 31.03.2006 the scheduled issue volume by URS Ltd subsidiary Eurogurt was 1.1 times larger than the total balance and 1.5 times larger than the owned capital;
- all negotiability indices of Eurogurt clearly tended to worsen over the past 3 years;
- lack of clear-cut financial strategy which complicates the forecast of the companys further development;
- growing competition in the retail market of Ukraine on the whole and Lviv region in particular.
For more detailed information, please contact us.
Kyiv (+38044 490 25 50, fax +38044 490 25 54)
