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IBI-Rating has affimed the credit rating of A series bonds of «AGROFIRMA "ORSHIVSKA» LLC at uaBBB grade
19.12.2016IBI-Rating informs on the affirmation of the long-term credit rating of interest A series bonds of «AGROFIRMA "ORSHIVSKA» LLC at uaBBB grade with a «outlook». The bonds of par value amounting to UAH 100 mln. were issued to finance the purchase of crop protection agents, mineral fertilizers, seeds, as well as for payment of agricultural services.
«AGROFIRMA ORSHIVSKA» LLC forms a part of "Svarog West Group" agro-industrial Corporation. The land bank is 80 thousand ha, the main crops are cereals, legumes and sugar beet. During the rating process IBI-Rating agency took into account «AGROFIRMA "ORSHIVSKA» LLC’s forming part of "Svarog West Group", however, the credit rating of the bonds was updated based on the Issuer’s creditworthiness (excluding consolidated financial indicators). The area of arable agricultural lands of «AGROFIRMA "ORSHIVSKA» LLC in Chernivtsi region is 5thousand ha. In the first 9 months 2016 net income increased to 74 564 thousand UAH, at the same time was a net loss for 8 118 thousand UAH. As a result, of placement of interest-bearing bonds, series A, level of debt of the Issuer is rate as acceptable.
IBI-Rating does not see the factors that may have an impact on raising of the credit rating grade. Downgrading of the credit rating is possible in the event of default on debt obligations, decreased financial results and performance indicators, substantial growth of the debt burden level, deterioration of the political and economic situation in the country.
In order to carry out the analytical research the materials obtained from «AGROFIRMA "ORSHIVSKA» LLC were use, including: the annual financial statements for 2013-2015 and 9 month 2016, parameters of the A series bond issue, other necessary internal information, as well as the information from the public sources, which the Rating agency considers reliable.
Corporate department
For more information please contact:
Press service of IBI-Rating
(044) 362-90-84
press(at)ibi.com.ua
«AGROFIRMA ORSHIVSKA» LLC forms a part of "Svarog West Group" agro-industrial Corporation. The land bank is 80 thousand ha, the main crops are cereals, legumes and sugar beet. During the rating process IBI-Rating agency took into account «AGROFIRMA "ORSHIVSKA» LLC’s forming part of "Svarog West Group", however, the credit rating of the bonds was updated based on the Issuer’s creditworthiness (excluding consolidated financial indicators). The area of arable agricultural lands of «AGROFIRMA "ORSHIVSKA» LLC in Chernivtsi region is 5thousand ha. In the first 9 months 2016 net income increased to 74 564 thousand UAH, at the same time was a net loss for 8 118 thousand UAH. As a result, of placement of interest-bearing bonds, series A, level of debt of the Issuer is rate as acceptable.
IBI-Rating does not see the factors that may have an impact on raising of the credit rating grade. Downgrading of the credit rating is possible in the event of default on debt obligations, decreased financial results and performance indicators, substantial growth of the debt burden level, deterioration of the political and economic situation in the country.
In order to carry out the analytical research the materials obtained from «AGROFIRMA "ORSHIVSKA» LLC were use, including: the annual financial statements for 2013-2015 and 9 month 2016, parameters of the A series bond issue, other necessary internal information, as well as the information from the public sources, which the Rating agency considers reliable.
Corporate department
For more information please contact:
Press service of IBI-Rating
(044) 362-90-84
press(at)ibi.com.ua