IBI-Rating has affirmed the credit rating of discount bonds of «SUCHASNIY FACTORING» LLC at uaBBB- grade

Rating agency IBI-Rating informs on affirming of the credit rating of discount bonds of «SUCHASNIY FACTORING» LLC at uaBBB- grade, with a «negative» rating outlook. The credit rating has been kept on the Credit Watch List with a negative outlook due to the martial law imposed in connection with the invasion of Russian troops into Ukraine, which has a significant negative impact on the country's economic condition and financial stability.

LIMITED LIABILITY COMPANY «SUCHASNIY FACTORING» was founded on 26.07.2007. The authorized capital was formed by contributions of four participants: one legal entity and three individuals. The ultimate beneficial owner (controller) of the Issuer is Mykola Oleksandrovych Semenenko.

Since 2011, «SUCHASNІY FACTORING» LLC has been actively operating in the consumer finance market. The main activities are: lending, including on the terms of a financial loan; providing factoring and financial leasing services; providing guarantees and sureties, etc. The company has implemented joint projects on lending to the population with several large retail chains of electronics and home appliances stores. The company's operations were profitable. Thus, according to the results of 2022 and the first quarter of 2023, «SUCHASNІY FACTORING» LLC received a net profit of UAH 402 thousand and UAH 282 thousand, respectively. For the current and subsequent years, the company plans to increase the quantitative indicators of its main activities, increase revenue and ensure break-even operations. In particular, over the next few years, it is planned to increase the volume of loans and factoring operations several times, which will improve the volume and structure of revenues.

The decision to place registered discount ordinary (unsecured) bonds of series A was made by the General Meeting of Participants of «SUCHASNІY FACTORING» LLC (according to the minutes No. 77 dated 23.09.2019). The purpose of the fundraising is to lend funds, factoring, and purchase government securities (domestic government bonds).

The affirmed credit rating grade of the bonds is due to the acceptable quality of the loan portfolio, sufficient performance indicators, profitable current activities, as well as the projected increase in cash flow, which should provide sufficient resources to meet the obligations under the bond issue. In turn, the Rating agency notes an increased sensitivity to credit risk, given the activities in the high-risk segment of consumer lending and the continued high sensitivity of financial sector participants to operational risks, that due to the ongoing military operations in Ukraine as a result of the aggression by the Russian Federation.

In order to conduct the analytical research the materials provided by «SUCHASNІY FACTORING» LLC have been used, including: annual financial statements for 2020-2022 and 3 months of 2023, other necessary internal information, as well as the information from the public sources, which the Rating agency considers credible.

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