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IBI-Rating has affirmed the credit rating of bonds of «LD PERSPEKTYVA» LLC at uaВВВ- grade

06.07.2017
IBI-Rating informs on affirming of the long-term credit rating of registered interest bearing secured bonds of A series of «LD PERSPEKTYVA» LLC at uaВВВ- grade, with a «stable» outlook.

The affirmation of the long-term credit rating of the debt instrument is due to preservation of the key factors that were previously noted by the Rating agency. Priority is the availability of bond guarantees from «Kamaz Trans-Service» LLC, the main activity of which is international transportation by own motor transport.

During the period under review «LD PERSPEKTYVA» LLC generated steady volume of net income (in the amount of UAH 18, 000 thousand for 2016 and UAH 5, 010 thousand for 3 months for 2017) from the rental of property («Rus’» 3-star hotel located in the centre of Kyiv city). The remaining income was mainly formed by transactions on purchase and sale of securities. Based on the results of 2016, the Issuer generated a loss in the amount of UAH 50 thousand, in Q1 2017 its net loss amounted to UAH 1,255 thousand. As at 31.03.2017, its equity capital remained negative. Thereby there remained high dependence on the borrowed capital, as well as high debt burden.

The Guarantor for bond issue is the «Kamaz Trans-Service» LLC the main activity of which is transportation (including international) by own motor transport, as well as repair and transport services for trucks. The «Kamaz Trans-Service» LLC, in 2016 increased its own net income by 4% to UAH 224,017 thousand. The result of operations was net loss of UAH 660 thousand. There was an increase in its equity capital primarily through additional contributions of participants to the authorized capital amount UAH 147,345 thousand (60% in the structure of funding sources). As of the end of March 2017, the liquidity indicators of the Guarantor, despite the decline, remained at a fairly high level.

In order to carry out the analytical research the materials obtained from «LD PERSPEKTYVA» LLC, were used, including: financial statements of «LD PERSPEKTYVA» LLC and the Underwriter («Kamaz Trans-Service» LLC) for 2014-2016 and 3 months of 2017, background information on the activities of «LD PERSPEKTYVA» LLC and the Underwriter, information on the A series bonds issue, other necessary internal information, as well as the information from the public sources, which the Rating agency considers reliable.

Corporate department
For more information please contact:
Press service of IBI-Rating
(044) 362-90-84
press(at)ibi.com.ua