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RA «Expert-Rating» assigns the credit rating at the level uaBBB- to the bonds of the leasing company “ENMARK”


December 28, 2011 at the special meeting of the rating committee of RA «Expert-Rating» it was made a decision to assign the rating at the level uaBBB- according to the national scale to the bond issue of the company “ENMARK”, LLC. When assigning the credit rating of investment level to the bonds issue, the Agency was guided by the following conclusions:


1. “ENMARK” has sufficient work experience in terms of leasing companies, it managed to overcome the period of financial instability in 2008-2009 and even to increase its client base during the difficult period. The founders structure of the Company hasn’t changed for the last 1,5 year. The founders of the Company have supported the Company through increasing the authorized capital.

2. The leasing portfolio of “ENMARK” may be considered as diversified according to the temporary structure. In general, the Company succeeds in maintaining the balance between the clients’ needs and the necessity of limiting the risks. Therefore, as of 30.09.2011 the distribution of leasing contracts cost by time left until their maturity, was as follows: less 1 year – 30,31% (UAH 7,6 mln.), from 1 to 2 years – 12,16% (UAH 3,1 mln.), from 2 to 3 years – 57,53% (UAH 14,5 mln.).

3. Sectoral characteristics of the leasing portfolio indicate a sufficient level of diversification. So, on 30.09.2011 service sector accounted for 58,6% (UAH 14,2 mln.) of the portfolio’s legal entities contracts, construction industry occupied 15,65% (UAH 3,8 mln.), agriculture – 8,88% (UAH 2,2 mln.), food industry – 2,53% (UAH 0,6 mln.), other industries – 14,34% (UAH 3,5 mln.).

4. The credit history of the Company “ENMARK” may be characterized as the one, which is at the initial stage. The first interest liabilities of the Company have occurred in June of 2010. The maturity of obligations ranged from 2 to 3 years. For today, the Company hasn’t entered the period of full repayment of interest obligations. The lenders of the Company are the following banks: “Ukrainian business bank”, “Apex-bank”, “Finbank”. In total, the banks account for 43% of total interest liabilities. The rest of lenders are the bondholders of the Company.

5. The analysis of the Company’s debt repayment schedule for next 12 months indicates that the Company will manage to avoid the peak burdens in managing the debt portfolio. The interest burden of the Company is distributed evenly.

The reason for improving the credit rating of the Company “ENMARK” can become the improvement in “EBITDA/ Total interest debt” ratio, the development of the company’s credit history in a positive manner, the decrease of the banks proportion in the lenders portfolio and the further deepening in the diversification of the Company’s clients’ base.


Analytical department of RA «Expert-Rating»

Confirmation of the company “ENMARK”, LLC (english version) - 29.12.2011

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