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Credit-Rating Upgrades BM Bank to uaBBB+ 10.06.2010

June 10, 2010. Credit-Rating, a nationally recognized credit rating agency in Ukraine has today announced that it upgraded to uaBBB+ (uaBBB plus) with stable outlook from uaBBB the long-term credit rating assigned to Kiev-based BM Bank LLC (‘bank’). To revise the rating Credit-Rating considered bank’s financial statements for 2008-2009 and 1Q2010 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. A plus "+" and a minus "-" signs indicate intermediary categories compared to the standard categories (grades).

Stable outlook indicates that there are no anticipated reasons to change the rating in the course of the year.

Factors maintaining the credit rating

  • The bank may get necessary backing in case of necessity from its primary owner (Russia-domiciled Bank of Moscow JSCB), which is among 5 largest Russian banks; the bank’s authorized stock is anticipated to be augmented.
  • The bank’s assets and liabilities are well balanced by their due terms.

Factors constraining the credit rating

  • The bank’s customer loan portfolio is high concentrated by major borrowers, which coupled with low level of provisioning, may negatively affect bank’s liquidity and capitalization.
  • Concentration of the bank’s resources by major creditors constrains bank’s financial flexibility and raises liquidity-associated risks.
  • Bank’s loss-generating performance, prompted by eroded quality of its assets.
  • Retaining adverse environment in the financial market and real sector of economy which may undermine borrowers’ solvency and weighs on bank’s financial indicators.

Information on all credit ratings assigned in accordance with the National Rating Scale may be found in Credit-Rating’s corporate web-site  www.credit-rating.ua , as well as in REUTERS and BLOOMBERG  information systems.

 For more information, please contact:
Information and analytic department
Sergey Rozumyak +38 044 490 25 50
SRozumyak@credit-rating.ua
Denis Rudenko
DRudenko@credit-rating.ua


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Novokahovskyi Lime-Sand Brick Plant

Purposes of company: Investments
Company description:

Market Overview:  Construction volume is increasing 20-25% annually, creating an increased demand for high quality façade bricks. The industrial capacity of façade bricks is estimated at 200 million bricks per year. In 2006, a construction boom is expected in southern Ukraine, where the plant is located. The product is used mainly by construction companies and private companies.

Project Overview:

  • Using KSE-400 (Germany)
  • Equipment supplier offers trainings for the buyer’s staff
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Competitive Advantages:

  • Production of lime-sand bricks is considerably more energy efficient than the production of ceramic bricks. Moreover, the project envisions the reconstruction of one of the two pit-type 50-ton lime-burning kilns; using coal, automatic blending, loading, and burning will save on gas
  • Plant produces its own lime; a sand-pit is located close to the plant
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    Investment Project Progress:  Market research has been conducted

Key Financials:

  • Total Investment - € 1.5 mln
  • Investment Needed - € 1.5 mln
  • Payoff period - 5 years

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