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IBI-Rating has affirmed the credit rating of D series bonds of «RUSH LLC» to uaBBB+ grade

20.06.2016
IBI-Rating informs on upgrading of the long-term credit rating of interest-bearing unsecured bonds of D series of «RUSH» LLC from uaBBB to uaBBB+ grade, with a change in outlook from « positive» to «stable».

The upgrading of the long-term credit rating of bonds is due to the preserved positive dynamics of development of retail shops of «EVA chain stores », as well as the growth of key financial indicators by results of the period under review.

Dynamic development of the trade network, selling cosmetics and perfumes, products for hygiene and housekeeping, as well as increased product prices, resulted in a significant improvement of financial results of «RUSH» LLC. Thus, net income for 2015 increased by 41.2% to the amount of UAH 3 863.3 mln., and net profit amounted to UAH 167 mln. For 3 months of 2016, an increase in net income accounted for 38.2%, while net profit rose to the amount of UAH 31.4 mln. The level of the Issuer’s debt burden remained at a low level, the ratio of net debt and EBITDA, calculated for the previous 12 months, remained at the level 0.6х both at the end of December 2015, and at the end of March 2016. The additional mechanism for protecting interests of the buyers of bonds is the covenant on the bond loan.

In order to conduct the analytical research the materials provided by «RUSH» LLC, have been used, including: annual financial statements for 2013-2015 and 3 months of 2016, information on the issue of series D 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
press(at)ibi.com.ua