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IBI-Rating has affirmed the credit rating of bonds of "LD PERSPEKTIVA" LLC at uaBBB-
09.12.2015IBI-Rating informs on affirming of the long-term credit rating assigned to the interest-bearing secured registered bonds of A series of "LD PERSPEKTIVA" LLC at uaBBB- grade with a "stable" outlook.
The affirmation of the long-term credit rating of the debt instrument is due to the preservation of the key factors that the Rating agency noted earlier. The priority is the bond issue’s suretyship by "Kamaz-Trans-Service" LLC, whose main activity is the international transport operations with the company’s own transportation fleet. Based on the results of 9 months of 2015, the Surety’s net revenue increased by 53.9 %, up to UAH 159 963 thousand, net profit amounted to UAH 23 377 thousand. The significant improvement in financial results reduced the debt burden of "Kamaz-Trans-Service" LLC. It should be noted that the property of "LD PERSPEKTIVA" LLC is the four-star hotel complex "Rus" in Kiev, which provides the Issuer with stable revenues from leasing the complex to the hotel operator. During the first 9 months of 2015 the Issuer’s net revenue amounted to UAH 13 500 thousand, which corresponds to the result of the similar period of the previous year.
The rating agency has noted the sensitivity of the markets of lease of hotel and commercial real estate to the economic situation in the country. In the reporting period the Issuer’s high dependence on the borrowed capital and high leverage remained. IBI-Rating does not yet see the factors that may lead to upgrading of the credit rating of the interest-bearing bonds of "LD PERSPEKTIVA" LLC. Credit rating downgrading is possible in the event of failure to meet the commitments on the bonds; a significant deterioration in the financial condition of the Issuer / of the Surety; deterioration of the political and economic situation in the country.
In order to carry out the analytical research the materials provided by "LD PERSPEKTIVA" LLC were used, including the financial statements of "LD PERSPEKTIVA" LLC and those of the Surety ("Kamaz-Trans-Service" LLC) for 2012-2014 and 9 months of 2015, the background information on the activities of "LD PERSPEKTIVA" LLC and the Surety, the information on the bond issue of A series, other necessary internal information as well as the information from the public sources, which the Rating agency considers reliable.
The affirmation of the long-term credit rating of the debt instrument is due to the preservation of the key factors that the Rating agency noted earlier. The priority is the bond issue’s suretyship by "Kamaz-Trans-Service" LLC, whose main activity is the international transport operations with the company’s own transportation fleet. Based on the results of 9 months of 2015, the Surety’s net revenue increased by 53.9 %, up to UAH 159 963 thousand, net profit amounted to UAH 23 377 thousand. The significant improvement in financial results reduced the debt burden of "Kamaz-Trans-Service" LLC. It should be noted that the property of "LD PERSPEKTIVA" LLC is the four-star hotel complex "Rus" in Kiev, which provides the Issuer with stable revenues from leasing the complex to the hotel operator. During the first 9 months of 2015 the Issuer’s net revenue amounted to UAH 13 500 thousand, which corresponds to the result of the similar period of the previous year.
The rating agency has noted the sensitivity of the markets of lease of hotel and commercial real estate to the economic situation in the country. In the reporting period the Issuer’s high dependence on the borrowed capital and high leverage remained. IBI-Rating does not yet see the factors that may lead to upgrading of the credit rating of the interest-bearing bonds of "LD PERSPEKTIVA" LLC. Credit rating downgrading is possible in the event of failure to meet the commitments on the bonds; a significant deterioration in the financial condition of the Issuer / of the Surety; deterioration of the political and economic situation in the country.
In order to carry out the analytical research the materials provided by "LD PERSPEKTIVA" LLC were used, including the financial statements of "LD PERSPEKTIVA" LLC and those of the Surety ("Kamaz-Trans-Service" LLC) for 2012-2014 and 9 months of 2015, the background information on the activities of "LD PERSPEKTIVA" LLC and the Surety, the information on the bond issue of A series, 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
For more information please contact:
Press service of IBI-Rating
(044) 362-90-84
press(at)ibi.com.ua