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

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, the rating outlook is «evolving».

The net income of «LD PERSPEKTYVA» LLC is formed mainly by renting out its own real estate - the Issuer owns a 3-star Rus Hotel that located in the central part of Kyiv city. As well, «LD PERSPEKTYVA» LLC receives significant amounts of other income. According to the results by 2019, net income increased to UAH 30,029 thousand (+5%). The result of the activity was a net profit of UAH 204 thousand. According to the results by 3 months of 2020, net income amounted to UAH 6,254 thousand, net profit - UAH 1,219 thousand. As of March 31, 2020, equity was still negative, therefore the exclusive dependence on borrowed capital and high debt burden of the Issuer remained.

The Guarantor for the 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. Guarantor's net income by 2019 amounted to UAH 255,873 thousand, which is 5.1 times higher than the nominal amount of the bond issue.

In order to conduct the analytical research, the materials provided by «LD PERSPEKTYVA» LLC, have been used, including: financial statements of «LD PERSPEKTYVA» LLC and the Guarantor («Kamaz Trans-Service» LLC) for 2017-2019 and 3 months of 2020, background information on the activities of Issuer 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.

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