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16.10.2006
The planned bond issue of the LLC "Trade and Industrial company "Omega–Avtopostavka" assigned uaBBB credit rating
The independent Credit Rating agency has today announced the assignment of the uaBBB long term credit rating to the planned issue of the registered interest-bearing bonds (A series) of the Kiev-based LLC "Trade and Industrial company "Omega-Avtopostavka" for the amount of UAH 50 mln. with the 5 year maturity term. The main company's activity is selling of trucks and cars, of spare parts and tyres. The "Credit Rating" agency used the Issuer's 2005-1Q2006 full financial reports, as well as other inside information furnished by the LLC "Trade and Industrial company "Omega-Avtopostavka".
Factors supporting the credit rating level
- The Issuer is one of the biggest distributors of the CIS-manufactured trucks, spare parts and tires on the Ukrainian market.
- The LLC "Trade and Industrial company "Omega-Avtopostavka" is incorporated into a specialized group of companies, which provides the company with the access to financial resources and to channels of supply.
- The bond issue is secured by the bail of the groups 'LLC "Omega-Avtopostavka" head company, which 2005 net profit accounted for UAH 50 mln. and the equity capital accounted for UAH 109.6 mln. as of 1st April 2006.
- A significant increase in the group of companies' sales over the last years, in fact the 2005 sales gains rose 20x as compared to 2002 and accounted for UAH 616.4 mln. The sales in the 1st half 2006 almost reached the overall sales of 2005 and accounted for UAH 517.3 mln.
- The high growth rates of automobile, spare parts and tires market over the last years.
Factors restricting the credit rating level
- Risks of the cash flows redistribution within the group of companies, without taking into account the Issuer's position
- 98.8% of the Issuer's bank credits indebtedness (as of 1 st April 2006) was included into the Issuer's balance (UAH 67 mln.)
- The group of companies as an importer high vulnerability to the changes in exchange rates and to the governmental regulation of the foreign-economic activity.
Information on all the credit ratings assigned in accordance with the Ukrainian national scale can be found in the 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
