OREANDA-NEWS. On 30 January 2009 Credit-Rating, a nationally recognized credit rating agency in Ukraine announced that it assigned a long-term counterparty credit rating of uaBBB to Donetsk Oblast-based Bayadera PE (company). The outlook on the rating is positive. The companys principal activity is trade with alcoholic beverages. In the course of analysis Credit-Rating considered companys financial statements and its other inside information.

An obligor or a debt liability with uaBBB credit rating is characterized with the SUFFICIENT creditworthiness as compared to other Ukrainian obligors or debt liabilities. This level of creditworthiness is affected by adverse changes in commercial, financial and economic conditions.

Positive outlook indicates that there is a possibility to upgrade the rating in the course of the year, on the condition that positive tendencies are maintained and that current risks are reduced.

Factors maintaining the credit rating

The company is incorporated with Bayadera holding company, which is one of Ukraines biggest players in the national segment of alcoholic beverages (represented by well-known trade marks Khlebnyi Dar, Koblevo, Celsius and others).

The companys sales have increased over the past few years, in fact the net sales profit recorded for 2007 amounted to UAH906.6m, which is 2x higher than that recorded in the previous year.

Low companys debt burden.

Factors constraining the credit rating

Hot competition in Ukraines segment of alcoholic beverages.

Risks imposed by redistribution of funds within Bayadera holding company, which incorporates the issuer.

High segments dependency upon state regulatory policy concerning alcoholic beverages.