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

IBI-Rating informs on affirming of the long-term credit rating of registered interest secured bonds of A series of «LD PERSPEKTYVA» LLC at uaВВВ- grade, with a «stable» outlook.

The affirmation of the long-term credit rating of the debt instrument is due to preservation of the key factors that were previously noted by the Rating agency. The underwriting of the bond issue by «Kamaz Trans-Service» LLC, whose main activity is international transportation by its own motor transport, has had a major impact on the credit rating affirmation.

During the period under review «LD PERSPEKTYVA» LLC generated steady volume of net income in the amount of UAH 18, 000 thousand a year from the rental of property («Rus’» 3-star hotel) located in the centre of Kyiv city). The remaining income was mainly formed by transactions on purchase and sale of securities. Based on the results of 2015, the Issuer generated a loss in the amount of UAH 900 thousand, while by results of Q1 2016 its profit amounted to UAH 607 thousand. As at 31.03.2016, its equity capital remained negative and amounted to UAH (-)473 thousand, there remained high dependence on the borrowed capital, as well as high debt burden.

The Underwriter of bonds, «Kamaz Trans-Service» LLC, in 2015 increased its own net income to UAH 215, 480 thousand (+39% as compared with 2014), its profit amounted to UAH 3, 534 thousand, its EBITDA grew by 2,4 times to the amount of UAH 73, 099 thousand. Its net profit for 3 months 2016 amounted to UAH 5 634 thousand, EBITDA amounted to UAH 16 207 thousand. There was an increase in its equity capital primarily through additional contributions of participants to the authorized capital. As at the end of Q1 2016, the Underwriter’s liquidity indicators remained at a high level.

IBI-Rating currently sees no factors that may lead to increasing of the credit rating grade of the interest bonds. Downgrading of the credit rating is possible in the event of default on bonds; significant deterioration in the financial condition of the Issuer/Underwriter; deterioration of political and economic situation in the country.

In order to carry out the analytical research the materials obtained from «LD PERSPEKTYVA» LLC, were used, including: financial statements of «LD PERSPEKTYVA» LLC and the Underwriter («Kamaz Trans-Service» LLC) for 2013-2015 and 3 months of 2016, background information on the activities of «LD PERSPEKTYVA» LLC 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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