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IBI-Rating has renewed the credit rating of Serie A bonds of "Ivano-Frankivsk Meat Processing Plant" PJSC at uaB- grade

14.12.2015
IBI-Rating informs on the renewal of the long-term credit rating of the A Series registered interest bearing secured bonds of "Ivano-Frankivsk Meat Processing Plant" PJSC (amount of the issue is UAH 450 million, maturing in August 2017) at uaB- grade, with a "stable" outlook.

The Issuer is a part of Ukrlandfarming, which is the largest national vertically integrated agricultural holding. The introduction of restrictions in the foreign market led to a reduction of the business activity of "Ivano-Frankivsk Meat Processing Plant" PJSC and had a negative impact on its key financial results. At the same time, for the first 9 months of 2015 the net profit amounted to UAH 2, 240 thousand, to which a significant amount of financial revenues (generated from the interest received on acquired bonds) contributed. The Issuer preserves the dependence on the borrowed capital and a high debt leverage.

A positive impact on the credit rating may have, as follows: diversification of sales markets at simultaneous growth of the industrial activity, improved financial performance, as well as reduction of the debt burden. A negative impact on the credit rating may have, as follows: failure to meet its debt obligations.

In order to carry out the analytical research the information from the public sources, which the Rating agency considers reliable was used, including the financial statements for 2012-2014 and 9 months of 2015, the parameters of the issue of bonds of A series, as well as the materials obtained from "Ivano-Frankivsk Meat Processing Plant" PJSC.

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