Press-release
(Translation from Russian)
RA «Expert-Rating» confirms the bond rating of the company «AUZ Factoring» at the level uaBBB-
May 4, 2012 Rating agency «Expert-Rating» confirms the rating to bond issues of Series A, B and C of «AUZ Factoring», LLC at the level uaBBB- according to the national scale. Confirming the credit rating, the Agency was guided by the results of the company’s activity in the Q1 of 2012.
Table 1
Data on the state of the factoring portfolio of «AUZ Factoring», LLC (th. UAH)
Indicators | І quarter of 2012 | І quarter of 2011 | Change for 2011-2012 | Growth rate 2011-2012 |
Total liabilities of the company, excluding bonds | 0 | 0 | 0 | - |
Total outstanding bonds of the company to the bondholders | 0 | 13 413,5 | -13 413,5 | - |
The volume of factoring portfolio(face value of the reassigned rights of requirements) | 14 532 | 20 873 | - 6 341 | - 30,3% |
The volume of financing** | 3 933 | 14 516 | - 10 583 | - 72,9% |
The volume of financing/The volume of factoring portfolio ratio | 27.1% | 69,5% | - 42,4 p.p. | - |
Income received from factoring operations (interest, commissions, etc.) | 143 | 1 263 | - 1 120 | - 88,7% |
The income derived from the portfolio/Volume of financing ratio | 3.6% | 8,7% | - 5,1 p.p. | - |
The effective interest rate for the portfolio*** | н.д. | 34,6% | - | - |
Volume of transactions with payments overdue by more than 1 month | 7 | 2 | 5 | 250% |
Filed for regress | 1 768 | 301 | 1 467 | 487,4% |
Other applied sanctions, including judicial proceedings | 1 272 | 301 | 971 | 322,6% |
** — average weighted amount of financing taking into account the receivables turnover and set limits
*** — the effective interest rate is calculated using the average receivables turnover of 60 days and the average load of portfolio (the financing) for every reporting period
Source: Data of «AUZ Factoring», LLC, calculations by RA «Expert-Rating»
Confirming the credit rating, the Agency was based on the following conclusions:
1. Indicators of business activity in the Q1 of 2012 have decreased in comparison with the same period of 2011, this fact is explained by a change in the strategy of the company’s activity. At the end of 2011 the company has bought the portfolios of overdue debts according to its strategy that has resulted in a decrease of financing and, thus, in a volume decrease of the factoring portfolio.
Table 2
Payments on bonds of «AUZ Factoring», LLC (th. UAH)
Indicators | Series А | Series B | Series С |
January 2011 | 558.54 | | |
March 2011 | | 218.23 | |
April 2011 | 483.74 | | |
May 2011 | | | 141.78 |
June 2011 | | 492.22 | |
July 2011 | 502.87 | | |
September 2011 | | 301.80 | |
October 2011 | 157.28 | | |
2. As of 31.03.2012 the Company has performed a repurchase of bonds before maturity, therefore, the company has performed all the commitments to bondholders. The company is going to reuse bonds for financing factoring operations of purchasing the portfolios of problem credits.
Analytical service of RA «Expert-Rating»
Confirmation of «AUZ Factoring», LLC (english version) - 04.05.2012