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IBI-Rating has affirmed the credit ratings of «SK-AGRO» LLC and its interest-bearing bonds

08.01.2019
IBI-Rating informs on affirming of the long-term credit ratings of «SK-AGRO» LLC and its interest-bearing bonds of С series at uaBBB+ grade, with a «stable» outlook.

«SK-AGRO» LLC is a member of the «AGROTRADE» Group and has been operating in the domestic market since 2006. The Group is a vertically integrated holding of agro-industrial completed cycle, i.e. production, processing, storage and trade in agricultural products. The activities of the Issuer, like others agricultural companies, are characterized by seasonality and high sensitivity to the impact of natural and climatic conditions.

Interest-bearing bonds of the C Series (UAH 250 mln) with maturity in 2019 were issued to finance the seeding company and harvest, purchase of plant protection products, seeds, mineral fertilizers, fuels and lubricants, and parental forms of seed. The issue of bonds is secured by the guarantee of the Company of the «AGROTRADE» Group - AGT CAPITAL MANAGEMENT LIMITED (Cyprus), which is a significant positive factor that supports the level of the credit rating of the bonds.

Net income of the «SK-AGRO» LLC by 9 months of 2018 amounted to UAH 184,023 thousands, which exceeded the result of the same period of the previous year by 2.2%. Net profit amounted to UAH 24,681 thousands, compared with 6,601 thousands by the same period of the previous year. The improvement of financial results while reducing of the amount of net debt led to a decrease in the level of the Issuer's debt burden.

In order to carry out the analytical research the materials provided by «SK-AGRO» LLC have been used, including: financial statements of the Issuer for 2015-2017 and 9 months of 2018, background information on the activities, information on the bond issue, 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