IBI-Rating has affirmed 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 «positive» outlook.

The purpose of the E, F series bond issue is defined as: financing the development of the «EVA shops line» network; 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 – by the results of 6 months of 2019, the number of stores increased in 11% - to 855 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 by 6 months of 2019 in comparison with the same period of the previous year by 60.8% – to UAH 5,823.1 mln, and the net profit amounted to UAH 166.1 mln (+ 4%). 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 «EVA shops line» 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 2016-2018 and by 6 months of 2019, 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.

Corporate department
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