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15.11.2006
The bond issue by the LLC «Inteltrade» assigned uaK4+ (uaK4 plus) credit rating
"Credit-Rating", a nationally-recognized credit rating agency in Ukraine, has today announced the assignment of the uaK4+ (uaK4 plus) short-term credit rating to the issue of the registered coupon bonds (A series) by the Kiev-based LLC "Inteltrade" ("the company" or "the Issuer") for the amount of UAH 15m with the 1-year original maturity. The main company`s activity is selling the beet treacle on both home and foreign market. Moreover, the company imports and sells paper for goffering, the LPLDPE (low pressure, low-density polyethylene) and the HM-HDPE (high molecular weight high density polyethylene), the ammonium nitrate, exports and sells on the home market the grain and oil-bearing crops, and is involved in transporting by the railway and automobile transport. In the course of analysis the "Credit-Rating" agency used Issuer`s 2004-1H 2006 financial reports as well as other inside information furnished by the company.
The uaK4 issue rating exhibits DOUBTFUL CAPACITY of the issuer to pay fully and timely the principal and interest on obligations. The cash flows and liquidity are likely to be insufficient to prevent foreseeable risks. "Plus" denotes rating`s relative status within major categories.
Factors supporting the credit rating
- The company is one of the biggest Ukrainian traders of the beet treacle (takes ca. 11% according to 2004-2005FY totals) with the 8-year experience on this market.
- The Issuer has a diversified commodity portfolio, which helps it lower the influence of seasonality of different agricultural products.
- The expected increase in treacle production in Ukraine over 2006, being boosted by the growing demand on both home and foreign markets.
Factors constraining the credit rating
- The issue size amounts to 78% of the company`s assets as of 30 June 2006
- The company`s dependency as an exporter on the trade limitations and exchange rates fluctuations.
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
