Print

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

27.03.2019
IBI-Rating informs on affirming 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 million, with redemption in 2021 year) at uaA grade, with change the outlook from «stable» to «positive».

The purpose of the E, F series 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.

«RUSH» LLC 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 – by the results of 2018, the number of stores increased by 26% - to 770 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 2018 compared to previous year by 52.2% - to UAH 10,067.4 mln, and the net profit amounted to UAH 344.5 mln (+ 41.5%). The level of the Issuer's debt load at the end of 2018 is estimated as low.

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 2015-2018, 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.

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