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

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

The net income of «LD PERSPEKTYVA» LLC is formed primarily by rental of own property - the Issuer owns a 3-star hotel «Rus», which located in the central part of Kyiv city. As well, «LD PERSPEKTYVA» LLC receives revenues from the sale of financial investments. In 2017, net income increased by 13.7% and amounted to UAH 20,473 thousand, but the activity was unprofitable (net loss amounted to UAH 5,946 thousand). Based on the results for 3 months of 2018, the net income increase to amount UAH 6 182 thousand (+ 23.4%). The result of the activity was net profit of UAH 3 191 thousand, against UAH 1 255 thousand of net loss for 3 months of 2017 year. As at 31.03.2017, its equity capital remained negative. Thereby there remained high dependence on the borrowed capital, as well as high debt burden of the Issuer.

The Guarantor for bond issue is the «Kamaz Trans-Service» LLC the main activity of which is transportation (including international) by own motor transport, as well as repair and transport services for trucks. The net income of the Guarantor for 2017 was UAH 265,818 thousand (+ 18.7%), and the net profit - UAH 4,527 thousand. According to the results for 3 months of 2018, net income increased by 20.8% - up to UAH 64,796 thousand, net profit amounted toUAH 2,404 thousand. Due to additional contributions of participants to the authorized capital and profitable activity, the share of own capital increased to 68% in the structure of sources of financing.

In order to conduct the analytical research, the materials provided by «LD PERSPEKTYVA» LLC, have been used, including: financial statements of «LD PERSPEKTYVA» LLC and the Underwriter («Kamaz Trans-Service» LLC) for 20145-2017 and 3 months of 2018, background information on the activities of Issuer 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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