Rating outlook is «negative»

IBI-Rating announces updated and revised rating of «Euro Leasing» issuer of bonds B series at uaB while preserving «negative» rating outlook.

IBI-Rating renewed credit rating of «Euro Leasing» issuer of bonds B series after obtaining and analyzing the information required to maintain the rating. Confirmed credit rating is due to deterioration of all key performance indicators of the Company and the loss of market position in the leasing market, loss-making activities, including from operating activities, low business activity and maintaining complex situation in certain sectors of the economy, which adversely affects the financial performance of the Issuer. However, B series bonds being rated have a guarantee from PJSC Atoll Holding, Management Company of the Group of the same name comprising the Issuer.

Factors maintaining the credit rating: upward trend in key performance indicators of the Company, reduced cost of funds that are attracted by the Issuer, increase in leasing portfolio with simultaneous reduction in the proportion of bad debts. Factors constraining the credit rating: further curtailment of core activities, decline in the Issuer's equity, persisting negative trend of accumulation of losses from operations, as well as deterioration in the financial markets and the economy in general.

Analytical study of creditworthiness used the data from public sources (official website of the State Institution «Agency for Ukraine's stock market infrastructure»), which the rating agency considers reliable, including: annual financial statements for 2012 and for 6 months 2013.