Print

IBI-Rating has affirmed the credit rating of D series bonds of "RUSH" LLC at uaBBB grade

11.01.2016
IBI-Rating informs on the affirmation of the long term credit rating of unsecured interest bonds of D series of "RUSH" LLC at uaBBB grade with a change in the outlook from "stable" to "positive".

"RUSH" LLC is engaged in trading activity, managing a network of retail stores " EVA chain stores », selling cosmetics and perfume products, hygiene and housekeeping goods. In total, as at 09.30.2015, the trading network "RUSH" LLC comprised 290 stores as compared to 225 stores at the beginning of this year. The Issuer intends to continue active development of the network. The dynamic development of the commercial network during the considered period, as well as an increase in product prices resulted in a significant improvement of financial performance of "RUSH" LLC. Thus, its net income for the first 9 months of 2015 grew by 45.6% and net profit amounted to UAH 101.4 million versus UAH 10.5 million for the similar period of the previous year. The repayment of a part of the obligations on bank loans at simultaneous growth of financial performance contributed to deleveraging of the Issuer. The existing covenants on bond loans is an additional mechanism to protect interests of bondholders. All of the above trends have become a prerequisite for changing the outlook to "positive", which indicates the possibility raising the rating grade provided that these trends continue.

In order to carry out the analytical research the materials provided by "RUSH" LLC were used, including financial statements for the 2012-2014 and 9 months of 2015, parameters of the issue of series D bonds, 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