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IBI-Rating has affirmed credit ratings of SK-AGRO LLC

14.07.16

On July 11, IBI-Rating agency affirmed long-term credit ratings of SK-AGRO (affiliated to AGROTRADE Group) and its B series bonds at uaBBB + grade.

The agency notes information openness and transparency of SK-AGRO, moderate sensitivity to currency risks due to the presence of significant amount of foreign revenue in the Group, as well as availability of production and logistics capacities, which reduce dependence on individual counterparties and have positive impact on performance indicators. Following the results of 2015, SK-AGRO has increased net income to USD 310.1 mln. The result of the activities was net profit of UAH 30.7 mln.

For analytical research were used materials taken from SK-AGRO, including: financial statements 2013-2015, background on the activities, bonds issue, other necessary internal data as well as public information that rating agency considers reliable.

To be recalled, that the debut issue of A series (UAH 40 mln.) and B series (UAH 120 mln.) bonds took place in the I quarter of 2013 with maturity dates of 05.02.2014 and 30.12.2016 respectively. Financial resources raised from the sale of bonds are aimed at replenishment of working capital, purchase of agricultural machinery, as well as acquisition of new agricultural enterprises. Fulfillment of obligations on the bonds is guaranteed by Agrotrade Group S.A (Luxembourg) – a parent company. A Series bonds redeemed within the period as specified in the Prospectus.

Reference:

IBI-Rating - rating agency, with the core activity in analytical studies and legislative initiatives.

To date, IBI-Rating is the leader on the market of rating services. Agency awarded and supported about 200 ratings. Agency clients are represented in all sectors of the economy: corporate, financial and municipal. In addition, IBI-Rating has been actively involved in many processes taking place in the financial market of Ukraine, in particular, it is an organizer of round tables, press conferences, studies the legislative activities of regulators.

Agrotrade Group, 2009