IBI-Rating has affirmed the long term credit rating of D series unsecured interest-bearing bonds of «RUSH» LLC at uaBBB+ grade with a «stable» outlook

IBI-Rating informs on affirming of the long term credit rating of D series unsecured interest-bearing bonds of «RUSH» LLC at uaBBB+ grade with a «stable» outlook.

The dynamic development of «EVA chain of stores» (over 9 months of 2016, the network increased by 70 stores), as well as the increase in prices resulted in significant growth of financial results of «RUSH» LLC. Net revenue for 9 months of 2016 rose by 38%, amounting to UAH 3 407.1 mln., and net profit amounted to UAH 105.6 mln. The level of the Issuer's debt burden remained low – as at 30.09.2016, the ratio of net debt and EBITDA, calculated for the previous 12 months, was 0.8х. The existing covenants on the bond loan is an additional mechanism for protecting interests of the bonds-holders.

In order to conduct the analytical research the materials provided by «RUSH» LLC have been used, including: the annual financial statements for 2013-2015 and 9 months of 2016 , background information on activities of «RUSH» LLC, parameters of the issue of D series bonds, other necessary internal information, as well as the information from the public sources, which the Rating agency considers credible.