IBI-Rating has updated the credit ratings 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 (nominal volume of the issue amount UAH 200 million, with redemption in 2021 year) at uaA grade with a «stable» outlook.

The purpose of the bond issue is defined as: financing the development of the «Line of the EVA shops» chain; 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 and number of stores. «Line of the EVA shops», which the Issuer represents, is actively developing - according to the results of January-June 2018, the number of stores increased by 89 (+ 14.6%)- to 699 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 for 6 months of 2018 increased by 51.6% - to UAH 4,317.1 million, compared with the same period of the previous year, and net profit amounted to UAH 173.4 million (+ 84.5%). The level of the Issuer's debt load at the end of June 2018 is estimated as low. An acceptable level of debt burden is expected, taking into account the full placement of the bond issue.

Long-term credit rating of interest-bearing unsecured D series bonds of «Line of the EVA shops» 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 2015-2017 and 6 months of 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.

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