IBI-Rating has affirmed the credit rating of bonds of «Pivdentransavto» LLC

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 «stable» outlook.

Low economic activity of «Pivdentransavto» LLC determines the minimum level of revenues, while the activity was profitable by the results of 6 months of 2018, incl. at the expense of selling the part of financial investments. An insignificant amount of own capital predetermine high dependence of the Issuer on external sources of financing. Funds received from the placement of bonds, were directed to financing of real estate development projects in Odesa 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 which affecting on 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 2015-2017 and 6 months of 2018, 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.

Corporate department
For more information please contact:
Press service of IBI-Rating
(044) 362-90-84