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

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 2018 the net income increased to UAH 21,197 thousand (+ 41%). The result of the activity was a net profit in amount of UAH 3,209 thousand, against UAH 3,803 thousand of net loss for 9 months of 2017. The equity capital, as of 30.09.2018, 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 for the first 9 months of 2018 increased by 10.4% - amounted to UAH 208,932 thousand, which is in 4 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 Underwriter («Kamaz Trans-Service» LLC) for 20145-2017 and 9 months of 2018, 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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