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IBI-Rating has affirmed the credit rating of «A» series discount bonds of «Modern Credit Technologies» financial company» Plc at uaB grade

10.03.2017
Rating agency IBI-Rating informs on affirming of the credit rating of discount bonds of «Modern Credit Technologies» financial company» Plc at uaB grade with a «stable» outlook.

The affirmed credit rating of bonds is due to an insignificant amount of revenues from core activities and low performance indicators, as well as a limited possibility to increase revenues in the near term due to low activity in the stock market. The rating agency also notes the persistence of the difficult situation in the economy, limiting the financial capacity of financial sector companies and adversely affecting the level of confidence to financial institutions.

«Modern Credit Technologies» financial company» Plc acts as a payment institution, which services transactions of the domestic non-bank payment system «Securities settlement system». «Securities settlement system» was created in order to ensure effective interaction among the stock exchange, depository and payment systems of Ukraine.

Apart from «Modern Credit Technologies» financial company» Plc being a payment institution, «Securities settlement system» also comprises: members of «Securities settlement system» (commercial banks) and participants of «Securities settlement system» (banks and securities traders participating in the stock exchange trades). At the beginning of 2017, members of «Securities settlement system» were 3 banking institutions, participants of «Securities settlement system» were 56 securities traders. Net profit of «Modern Credit Technologies» financial company» Plc is insignificant and by results of 2016 amounted to UAH 9 thou. (UAH 4 thou., by results of 2015, respectively).

The decision on the public placement of «А» series bonds of «Modern Credit Technologies» financial company» Plc was adopted by the ordinary general meeting of shareholders on 28 March 2013. Funds raised from the sale of bonds, will in full volume be used to implement the project of development of a multifunctional OTC trading system ‘Electronic Communication Network’ (ECN). The system is designed to organize communications among participants of trades, based on the electronic document flow and guaranteed settlements based on results of transactions.

In order to conduct the analytical research the materials provided by «Modern Credit Technologies» financial company» Plc have been used, including: annual financial statements for 2014-2016, other necessary internal information, as well as the information from the public sources, which the Rating agency considers credible.
 
Financial Department.
For additional information please contact:
Press office of IBI-Rating
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press(at)ibi.com.ua