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 В, C, F, G, H, I series bonds of «Pivdentransavto» LLC at uaCC grade, with «stable» outlook. The credit rating of D, E series bonds has withdrawn, due to repayment.

Low economic activity of «Pivdentransavto» LLC determines the minimum level of revenues. The activities in 2018 were unprofitable, and a significant amount of uncovered loss caused a negative equity value and, as a result, the Issuer's exclusive dependence on debt 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 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 2016-2018, information on the issue of bonds, other necessary internal information, as well as the information from the public sources, which the Rating agency considers credible.

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