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Press release: RA Expert Rating confirms the rating of bonds of ‘AUZ Factoring’ LTD


13/08/2012

On August, 13th, 2012 Rating agency ‘Expert-rating’ decided on confirmation of the credit  rating of bond issues of series A, B and C of the Limited Company ‘AUZ Factoring’ (USREOU code 36303279) at the level uaBBB – according to the national scale. Confirming the credit rating, the Agency was guided by the results of company work in the first half of 2012.

Table 1

Data on the factoring portfolio of LLC AUZ Factoring (th. UAH)

Indicators

 

 Q2 2012

(30.06.2012)

 

Q2 2011

(30.06.2012)

Change in  2011-2012

Growth rate in 2011-2012

Total liabilities, bonds excluded

97,0

0,0

97,0

-

Total debt on bonds to bondholders

0,0

17 186,0

- 17 186,0

-

Factoring portfolio volume (face-value of assigned claims)

5 049,0

27 780,0

- 22 731,0

- 82%

Volume of financing provided**

3 833,1

18 485,8

- 14 652,7

- 79%

Volume of financing provided/Factoring portfolio volume

76,00%

66,54%

9,46p.p.

-

Earnings from factoring operations  (interests, commission, etc)

235,00

2 872,4

- 2 637,4

- 92%

Earnings from portfolio operations/ Volume of financing provided

7,0%

15,5%

- 8,5p.p.

-

Effective rate on the portfolio***

n/a.

36,0%

-

-

Volume of transactions with payments delayed for more than 1 month.

6

2

4

200%

Amount submitted for recourse

1 668

300,5

1 367,5

455%

Other sanctions used, judicature included

1 272

300,5

971,5

323%

         ** average amount of granted financing is specified with account for receivables turnover and the established limits;

       *** the effective rate on the portfolio is calculated proceeding from average receivables turnover of 60 days and average load of the portfolio (issued financing) per each accounting period.

        Source: LLC AUZ Factoring data, calculations by RA ‘Expert Rating’

 

Confirming the credit rating, the Agency relied on the following conclusions:

1. In the first half of the year 2012 indicators of Company business activity continued decreasing compared vs. the same period of 2011. It is explained by change of strategy in the work of AUZ Factoring. Now the company actively participates in tenders for purchase of problem indebtedness portfolios and closure of several deals is expected already in Q3.

2. As of June, 30, 2012 the company redeemed own bonds ahead of time, thereby completing execution of all obligations to investors. The company intends to reuse the bonds in the second half of the year for financing factoring transactions on purchase of portfolios of problem loans.

 

Analytical service of RA ‘Expert-Rating’

Confirmation of ‘AUZ Factoring’, LLC (english version) - 13.08.2012

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