IBI-Rating has affirmed the credit rating of B-I series bonds of «Pivdentransavto» LLC at uaCC grade

Rating agency IBI-Rating informs on affirming of the credit rating of registered interest-bearing secured B-I series bonds of «Pivdentransavto» LLC at uaCC grade, with a прогноз «stable» outlook.

Low economic activity of «Pivdentransavto» LLC determines the minimum level of revenues, while an insignificant amount of own capital causes high dependence of the Issuer on external sources of financing. Funds received from the placement of bonds, were channeled at financing of real estate development projects of Odessa city.

Fulfillment of obligations on interest-bearing B-I series bonds of «Pivdentransavto» LLC is secured by contracts of guarantee concluded with «DNEPR-CAPITAL» LLC, which is in a state of cessation of activities. IBI-Rating did not take into account the availability of collateral as a factor affecting the grade of credit rating of bonds.

In order to conduct the analytical research the materials provided by «Pivdentransavto» LLC have been used, including: annual financial statements for 2014-2016, information on the issue of B-I series bonds, other necessary internal information, as well as the information from the public sources, which the Rating agency considers credible.

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