IBI-Rating has affirmed the credit rating of the bond issue of «MX CONSULTING» LLC at the level of uaBBB-

IBI-Rating informs on affirming of the long-term credit rating of A series registered interest (unsecured) bonds of «MX CONSULTING» LLC at uaBBB- grade with a «negative» outlook and CreditWatch listing.

The 100% statutory capital is owned by the Closed Non-Diversified Venture Investment Fund «STRAHOVY REZERV» of «COMPANY WITH ASSET MANAGEMENT «OPIKA-CAPITAL» LLC. The ultimate beneficial owner is Yuriy Yavtushenko.

The decision to issue these securities with a nominal value of UAH 60,000 ths taken in November 2019. The attracted financing will be directed to the acquisition of highly liquid residential real estate, overhaul and redevelopment of existing non-residential real estate, work and the provision of a wide range of services in order to improve the quality of operational management of non-residential real estate. Bonds were issued among a predetermined group of persons without a public offer. The bonds will be redeemed in January-February 2030.

The issuer has been contracted of voluntary third-party liability insurance, the subject of the contract is property interests which related to the obligation by indemnify the damage to the third parties and/or property of the third parties. Insurance risk is the occurrence of liability in accordance with applicable law for damage to property of third parties as a result of failure to fulfill obligations to pay coupon income or to repay bonds.

The property of «MX CONSULTING» LLC contains investment property with a residual carrying amount of UAH 28.1 million. Considering the significant portion of investment property sold in 2021, diversification of such assets is low. As of January 1, 2023, the issuer's debt obligations significantly exceed operating income, indicating a high debt burden. «MX CONSULTING» LLC net income, generated from leasing investment property, increased to UAH 16.1 million in 2022. Despite the partial increase in financial resources raised during the analyzed period, significant financial expenses of UAH 8.4 million were observed by the end of 2022. The operations of issuer were profitable in 2022, with a net financial result of UAH 10 ths.

In order to carry out the analytical research the materials provided by of «MX CONSULTING» LLC have been used, including: financial statements for 2020-2022, reference information about the activities of the enterprise, parameters of the issue of bonds, other necessary internal information, expectations of the IBI-Rating Rating Agency, as well as the information from the public sources, which the Rating Agency considers credible.

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