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24.04.2007
Rating assigned to bond issue by MTI affirmed at uaA
Credit-Rating, a nationally-recognized credit rating agency in Ukraine has today affirmed at uaA the long-term credit rating assigned to registered coupon bonds (A series) by Kiev-based MTI Joint Ukrainian-Cyprian Company (Issuer or company) for the amount of UAH 50m with the 4-year original maturity. Outlook on the rating is Stable. The company is one of the biggest Ukrainian suppliers of computer, office and telecommunication equipment, and of consumer goods. To revise the rating the agency used Issuers financial statements for 4Q06 and 2006 full year, as well as other inside information furnished by the company.
The uaA issue rating reflects strong capacity to pay the issue given, it may, though, be more vulnerable to adverse changes in economic, financial and business conditions than issues rated uaAA and uaAAA.
In the course of the ratings affirmation procedure the agency took into consideration Issuers performance in 2006, specifically the companys assets grew by UAH 68.2m (by 22%) as of 31 Dec. 2006 having amounted to UAH 385.9m, the equity grew 2.5x, net sales grew by UAH 189m (by 14%), over 2x having increased the 2005 net earnings. 4Q2006 saw companys developing trade network (11 new outlets opened), which by 2006 year-end reached 67. Moreover, the agency stressed the fact that the Issuer during 4Q2006 continued to attract funds for trade network development, and total debt on loans amounted to UAH 105.2m as of 31 Dec. 2006 (27.3% of the asset balance).
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
