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11.09.2006
Credit rating of bond issue by Amstor, Ltd upgraded to uaBBB-
Today independent rating agency Credit-Rating announced the upgrade of the long-term credit rating to the registered interest-bearing bond issue by Amstor Ltd in the amount of UAH 300 million with a circulation period (A-D series) of 3 years and (E, F series) 5 years from uaBB+ to uaBBB-. The Issuer is the main company of Amstor group, whose principle activity is retail trade and construction of large-scale trade centers. When reviewing the rating Credit-Rating agency used the Issuers financial reports for the 1st quarter 2006, as well as other inside information provided by the company.
Debt obligation rating of uaBBB category indicates the borrowers sufficient capability to fully and timely fulfill this debt obligation in the conditions of Ukrainian financial market. This debt obligation is highly susceptible to adverse changes in commercial, financial and economic conditions, compared to debt obligations of higher ratings. Minus stands for a category intermediary to the basic ones.
The following was taken into consideration when upgrading the credit rating to
Amstor Ltd: the consistent development strategy of the company since the moment of
credit assignment and the Issuers improved market positions, in particular the share of
Amstor company group in Donetsk region grew from 4.8% in the first half of 2005 to 6.7%
as of 01.07.2006: the market share in Zaporizhya region amounted to 3.2% by the end of
the first half of 2006.
The rating upgrade was promoted by high growth rates of the Issuers financial and
economic performance in the first half of 2006: the total equity doubled and amounted to
UAH 811.8 million; liquidity rates and business factors increased, in particular the
turnover period of commodity stock reduced by 1.2 times to 34 days.
For more detailed information, please contact us.
Kyiv (+38044 490 25 50, fax +38044 490 25 54)
