print
17.10.2006
The "Credit Rating" has changed the CJSC "Ukrchampignon" bond issue Outlook to Positive
The independent "Credit Rating" agency has today announced the affirmation of the uaA- (uaA minus) long term rating to the registered interest-bearing bonds (C series) for the amount of UAH 10 mln. and (D series) for the amount of UAH 25 mln. with the 2 year maturity term, issued by the CJSC "Ukrchampignon". The rating Outlook is changed from Stable to Positive. The main company’s activity is growing, processing and canning of mushrooms and other agricultural products. To revise the rating, the agency used full Issuer’s financial reports as of June 30, 2006 and for 1H 2006, as well as other inside information, furnished by the company.
The uaA debt liability rating reflects the Issuer’s strong capacity to pay the present debt liability in the Ukrainian financial market environment, it may, though, be vulnerable to adverse changes in economic, financial and business conditions than debt liabilities rated uaAAA and uaAA. The “minus" denotes the relative rating’s status within major categories.
The Positive Outlook reflects a possibility of a rating’s upgrade in the course of the year on condition that the positive tendencies are retained and the current risks are reduced.
During the process of change in credit rating Outlook the following factors were taken into consideration: the company’s financial and economic activity of the 1H 2006 results was more fruitful than of the similar period of 2005, which is indicated by the profitability indices, alongside with the decline in net sales volume; the net profit accounted for UAH 6.8 mln., which 3% exceeds the 1H 2005 results, the sales profitability indices rose from 28% to 30%; the EBITDA profitability increased from 36% to 44%.
Information on all the credit ratings assigned in accordance with the Ukrainian national scale can also be found in REUTERS and BLOOMBERG information systems.
For further information, please contact:
Information and analytic department
Sergey Rozumyak +38 044 490 25 50
SRozumyak@credit-rating.com.ua
