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21.05.2007
Upcoming bond issue by Imexbank assigned uaA credit rating
Credit-Rating, a nationally-recognized credit rating agency in Ukraine has today announced the assignment of the uaA long-term credit rating to the upcoming issue of registered coupon bonds (A series) by Odessa-based Imexbank JSCB (Bank) for the amount of UAH100m with the 5-year original maturity. In the course of analysis Credit-Rating used Banks financial statements for 2001- 2006 as well as other inside information furnished by the Bank.
The uaA long-term rating reflects strong Banks capacity to pay its obligations, it may, though, be more vulnerable to adverse changes in economic, financial and business conditions than liabilities rated uaAA and uaAAA.
Factors maintaining the credit rating
- The Bank takes 33 rd place by net assets size in Ukrainian banking system as of Jan. 1, 2007 being the financial centre for the Primorye group of companies.
- Banks development over the 5 years, specifically the assets grew 13x having reached UAH2.54bn during 2002-2006, with the growth in main assets and liabilities groups remaining proportional and balanced entailed by positive profitability tendencies.
- The Bank operates well-developed branch network (345 as of Jan. 1, 2007) being one of the most active participants of the National System of Electronic Payments (the number of the cards issued amounted to over 650K).
- High quality of the credit portfolio. In fact the specific gravity of overdue and of bad credits amounted to 0.66% as of Jan. 1, 2007.
Factors constraining the credit rating
- Necessity in optimization of the Banks business processes entailed by the Banks development.
- The indices of the assets operations and credit risks securitization with the Banks equity has had a descending dynamics, having grown, though, over the last 4M2006 to 11.55% and 15.11% respectively caused by increase in Banks equity.
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
