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16.04.2007
Credit rating assigned to bond issue by «Inter-regional Academy of Personnel Management» upgraded to uaBBB+
"Credit-Rating", a nationally-recognized credit rating agency in Ukraine has today upgraded from uaBBB to uaBBB+ (uaBBB plus) the long-term credit rating assigned to issue of registered coupon bonds by "Inter-regional Academy of Personnel Management" (as CJSC) ("Academy" or "the Issuer") for the amount of UAH 10m with the 5-year original maturity. The Outlook on the rating is changed to Stable. The main Academy`s activity is training specialists of different degrees. To revise the rating the "Credit-Rating" agency used Issuer`s financial statements for 2006, as well as other inside information furnished by the Academy.
The uaBBB issue rating reflects Issuer`s adequate capacity to timely and in full meet its commitments on the obligations in the Ukrainian financial market environment. There is, though, a higher vulnerability to the effect of adverse changes in business, financial and economic conditions as compared to obligors with higher ratings. The "+" and "-" modifiers denote rating`s relative status within major categories.
Stable Outlook denotes that there are no anticipated reasons to change rating in the course of the year.
In the course of the rating`s upgrade procedure the following factors were taken into consideration: Issuer`s adequatly high 2006 performance indicators with the current positive growth tendency as compared to the similar periods of previous years. The Issuer`s assets grew over 4Q2006 by UAH 5.1m and amounted to UAH 263.6m as of 31 Dec. 2006, the indebtedness on long-term bank loans lowered from UAH 12m to UAH 11.2m and amounted to 4.3% of the total balance. The net sale Issuer`s profit amounted to UAH 179.5m, which is almost 7x exceeds the similar indicator of 2005.
Information on all the credit ratings assigned in accordance with the Ukrainian national scale may be found in the REUTERS, BLOOMBERG and FTN MONITOR information systems.
For further information, please contact:
Information and analytic department
Sergey Rozumyak +38 044 490 25 50
SRozumyak@credit-rating.com.ua
