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

16.12.2019
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 significant amounts of other income. According to the results by 9 months of 2019, net income increased to UAH 22 522 thousand (+ 6%). The result of the activity was a net loss of UAH 741 thousand, against UAH 3 209 thousand of net profit for the same period of the previous year. The equity capital, as of 30.09.2019, was still negative, therefore remained an exceptional dependence on borrowed capital and a 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. Guarantor's net income by 9 months of 2019 amounted to UAH 192,811 thousand, which is in 3.9 times higher than the nominal amount of the bond issue.

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 Guarantor («Kamaz Trans-Service» LLC) for 2016-2018 and 9 months of 2019, 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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