IBI-Rating has determined and updated the credit ratings of «RUSH» LLC bonds

IBI-Rating informs on determining of the long term credit rating of E, F series unsecured interest-bearing bonds of «RUSH» LLC (nominal volume of the issue amount UAH 200 mln, with redemption in 2021 year) at uaA grade with a «stable» outlook.

The purpose of the bond issue is defined as: financing the development of the «EVA shops line» network; financing of investment and current expenses related to the development of IT infrastructure and IT projects of the Issuer; financing the development of an online store, purchasing goods. An additional mechanism for protecting the interests of bond buyers is the existence of covenants.

The Issuer holds leading positions in the Ukrainian market of «drogerie» in terms of retail turnover, total retail space and number of stores. «Line of the EVA shops», which the Issuer represents, is actively developing - during 2015-2017 the network expanded in 2.7 times - to 610 stores in all regions of Ukraine.

The dynamic development of the retail chain stores led to a significant increase in the financial results of «RUSH» LLC. Net income in 2017 compared to 2016 grew by 36% - to UAH 6,600.1 mln, and the net profit amounted to UAH 243.5 mln (+ 15%). The level of the Issuer's debt load at the end of 2017 is estimated as low – the ratio of net debt to EBITDA was 0.3x. An acceptable level of debt burden is expected, taking into account the full placement of the bond issue.

Long-term credit rating of interest-bearing unsecured D series bonds of «EVA shops line» has affirmed at uaBBB + grade with a «stable» outlook.

In order to conduct the analytical research the materials provided by «RUSH» LLC have been used, including: the annual financial statements for 2015-2017, parameters of the issue of D series and E, F series bonds, other necessary internal information, as well as the information from the public sources, which the Rating agency considers credible.

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