Credit rating of registered trust covered bonds Q series by PrJSC «YRC Internationalist» confirmed at uaBBB- with «stable» outlook

Long-term credit rating of the debt instrument by PrJSC «YRC Internationalist» is confirmed owing to the preservation of key factors that have been reported by IBI-Rating earlier. The issuer continues construction of a 9-storey residential building № 34 with total area of 10.9 thousand square meters. for 106 apartments in micro district YRC «Internationalist» in s. Tsyrkuny, Kharkiv district, Kharkiv region, for financing of which trust Series Q bonds have been issued. Construction is carried out on the land plot in perpetuity of PrAT «YRC Internationalist.» Volume of financed construction as at 30.06.2013 was 54% of the estimated cost of construction of residential houses, with an increase in 6 months of 2013 amounting to 24 pp. The Issuer has significant experience in implementing investment projects of construction and transfer of facilities on housing bonds. IBI-Rating also observes information openness and transparency of the Issuer.

Factors maintaining the credit rating of the debt instrument: reduced industrial risks and improved macroeconomic situation in the country. Factors constraining the credit rating: delays in financing and construction, adverse economic changes in the country.

Analytical study used data from PrAT «YRC Internationalist», including: financial statements for 6 months 2013, additional information on the activities of PrAT «YRC Internationalist», series Q bond issue information, other necessary inside information, as well as information from open sources deemed reliable by the rating agency.