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IBI-Rating has affirmed the credit rating of interest-bearing bonds of LLC «NFC» at uaBBB– grade

01.06.2020
Rating agency IBI-Rating informs on affirming of credit rating of interest-bearing bonds of LLC «NFC» at uaBBB– grade, the rating outlook is «evolving».

LLC «NFC» is a financial company and has been operating since 2002. As of the beginning on April 2020, the share of each of the participants did not exceed 10% of the capital. The ultimate beneficial owner (controller) of the company is the Director of LLC «NFC» Mr. Kadkalenko Andriy. The main clients of LLC «NFC» are legal entities-residents of Ukraine, which have a need for current financing and replenishment of working capital. The issuer's activity in 2019 and the Q1 of 2020 was profitable - a positive financial result for these periods amounted to UAH 2.6 million, and UAH 0.6 million respectively.

The decision on the private placement of bonds by LLC «NFC» A series was adopted by the General Meeting of the Participants of LLC «NFC» (according to the protocol dated 26.10.2017). The purpose of using financial resources from the sale of bonds were to provide funds to lend and invest in liquid securities of enterprises of the electricity and metallurgical industries, the hotel industry, and also enterprises which providing financial services. The 41 legal entities (residents of Ukraine) are participants in the private placement of bonds.

The affirmed rating grade of the bond is due to the sufficient level of debt coverage for the bonds placed by equity, as well as the expected increase in the scale of business, which will contribute to the positive dynamics of financial results. Also, the Rating agency notes that the activities of the issuer, as a financial company, are characterized by increased vulnerability to the effects of the crisis, particular in the current unstable political and economic situation in the country. The «evolving» rating outlook is due to uncertainty about the impact on the financial condition of the issuer of the expected significant slowdown in business activity due to the deteriorating epidemiological situation in the country in the Q1 by 2020 and imposed economic and administrative restrictions on economic entities and individuals.

In order to conduct the analytical research the materials provided by LLC «NFC» have been used, including: annual financial statements for 2017-2019 and 3 months of 2020, other necessary internal information, as well as the information from the public sources, which the Rating agency considers credible.

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