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

IBI-Rating informs on affirming of the long term credit rating of E, F series unsecured interest-bearing bonds of «RUSH» LLC (the nominal issue is UAH 200 mln with maturity in 2021) at uaA grade, the rating outlook has changed from «positive» to «evolving».

The changing of the outlook is due to the uncertainty regarding the impact on the Issuer's creditworthiness from the expected significant slowdown of business activity due to the deterioration of the epidemiological situation in the country and imposed restrictions on economic entities and the population.

The purpose of the E, F series bond issue is determined as: financing of «the EVA shops line» chain development; financing of investment and current expenses related to the IT infrastructure and IT projects development of the Issuer; financing of online store development; purchasing of the goods. An additional mechanism for protecting the interests of bond buyers is the availability of covenants.

«RUSH» LLC holds leading positions in the Ukrainian market of «drogerie» in terms of retail turnover and number of stores. «The EVA shops line», which the Issuer represents, is actively developing – by the results of 2019, the number of stores increased in 27% - to 975 shops 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 by 2019 increased by 52.8% – to UAH 12,861.1 mln, and the net profit amounted to UAH 375.1 mln (+27%). The level of the Issuer's debt load at the end of 2019 is estimated as low.

Long-term credit rating of interest-bearing unsecured D series bonds of «RUSH» LLC has affirmed at uaBBB+ grade, rating outlook has changed from «positive» to «evolving».

In order to conduct the analytical research, the materials provided by «RUSH» LLC have been used, including: the annual financial statements for 2017-2019, parameters of the bonds, other necessary internal information, as well as the information from the public sources, which the Rating agency considers credible.

Corporate department
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