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12.09.2006
Credit ratin of bond issue by Cherkassy Poultry Factory, 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 Cherkaskaya Poultry Factory Ltd in the amount of UAH 15 million with a circulation period of 3 years from uaBBB to uaBBB+. The company raises and trades chicken broilers. For the rating upgrade Credit-Rating agency used the Issuers financial reports for the 2nd quarter and the first half of 2006 on the whole as well as other inside information provided by the company.
When upgrading the credit rating to Cherkaskaya Poultry Factory, the increase in the companys production capacities was taken into consideration : during the 2 nd quarter of 2006 7 poultry houses were put into operation (9 since the year start). As of 01.08.2006 there are 43 functional poultry houses at the factory (Jun. 2005 there were 22 poultry houses); production output in natural form grew 2.3 times in the first half of 2006 year-over-year.
Over the analyzed period financial efficiency factors improved: profitability of product sales was never lower than 40% since 2005, in the first half of 2006 profitability was 41%; independence rate was 49% as of 30.06.2006 and kept growing since 2005 due to increasing undistributed income in spite of active employment of loans. In the first half of 2006 EBITDA was 1.5 times greater than the issue amount.
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