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RA Expert Rating confirms the rating of bonds of ‘Leasing IT-SPV’ LTD at the level uaВВВ-


03/06/2011

On June, 3rd, 2011, RA ‘Expert Rating’ has confirmed credit rating of bonds of the leasing company ‘Leasing IT-SPV’ LTD (USREOU 35322510) at the level uaВВВ-. When confirming the credit rating of the Issuer at that level, the analytical service of RA ‘Expert Rating’ was guided by the data on efficiency of management of ‘Leasing IT-SPV’ LTD lease portfolio and by Q1 2011 key performance indicators of JSC ‘Leasing IT’.

1. Continuous growth of monthly amount of transactions has been observed for three months
of 2011. Totally during Q1 2011 the Issuer performed 799 transactions and generated financing on UAH 3,75 m. On the beginning of Q2 the indebtedness of leasing portfolio clients constituted UAH 3,78 m., since September, 2010 the volume of Issuer portfolio grew on 228%. Key performance indicators of the Issuer grew at significant rate; however activity scale still remained small.
2. ‘Leasing IT-SPV’ LTD following Q1 2011 managed to maintain very high effective rate of
118,57% per annum, that in times exceeded level of rates which could be observed in the Ukrainian credit market. Level of indebtedness overdue in excess of 30 days, was 3,2% on the end of March, level of write-offs - 10 %. Thus in the basic scenario of portfolio indicators the planned level of write-offs is 10 %. At the same time the crisis scenario assumes that the portfolio can sustain level of write-offs at over 32 %.
3. The Company consistently reduces the cost of attracted resources. In Q1 2011 the passive
rate was 25-27 % per annum. The average term of funds attraction exceeds the average term of portfolio leasing transactions payment maturities. The financial income generated by the formed portfolio is more than sufficient for covering operational expenses of the Issuer (along that, there are actually no fixed expenses in the Company).

4. Key indicators of the originator JSC ‘Leasing IT’ have stayed within normal limits, equity/assets ratio constituted 54,42%. The originator finished in Q1 at UAH 15,22th. loss; by Agency estimations the given loss was insignificant and bears no threat for the operations of portfolio originator. The stability of originator work in Q1 ensured a minimal operational risk of the Issuer.

Analytical service of RA Expert-Rating

 

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