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IBI-Rating has affirmed the credit rating of B series bonds of « TITAN ZBERІGACH » LLC at uaBBB- grade

27.05.2016
IBI-Rating informs on the affrirmation of the credit rating of registered interest bonds of B series of «TITAN ZBERІGACH» LLC at uaВВВ- grade, with a «negative» outlook.

The affirmed credit rating grade of the debt instrument is due to available Underwriter «Kirovogradoblenergo» PJSC (uaBBB credit rating, with a «negative» outlook), which is a natural monopoly on transmission and distribution of electricity in the territory of Kirovograd region. However, concentration by certain types of securities remains high, exposing the Issuer to high risk in the event of either counterparty defaulting on its obligations. In addition, the Issuer operates in the financial market, which is highly sensitive to the impact of crisis developments, especially given the unstable political and economic situation in the country. During the period under review the Issuer’s activities were unprofitable.

A positive impact on the credit rating may have, as follows: improved capitalization of the Issuer, securities portfolio diversification, increased performance indicators. A negative impact on the credit rating may have, as follows: deterioration of solvency (liquidity) of the Issuer or the Underwriter, increased concentration of the securities portfolio, as well as deterioration of the situation in the financial market and the economy as a whole.

In order to carry out the analytical research the materials obtained from «TITAN ZBERІGACH» LLC, were used, including: annual financial statements for 2013 2015 and 3 months of 2016, target performance indicators for 2016, other necessary internal information, as well as the information from the public sources, which the Rating agency considers reliable.
 
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