Fitch Assigned AA- Rating to DTEK Bonds
OREANDA-NEWS. July 15, 2008. Donbass Fuel-Energy Company Ltd. is planning to issue internal bonds amounting to UAH 500m for a term of 3 years. Payment on securities will be made according to coupons with a rate of 10.5%. Fitch Ratings global rating agency has assigned AA-(ukr) rating to these securities.
Ratings of a АА(ukr) level assigned by the Agency characterize the issuer or the papers to which it is assigned as those having a high creditworthiness; the exposure to circumstances influencing the fulfillment of obligations is not significant.
The funds raised as a result of the bond issue are planned to be used for capital investment and general corporate needs.
The level of the rating assigned to the Company’s bonds is in line with the long-term rating of DTEK on the national scale. In October 2007, DTEK was assigned a Long-Term Issuer Default Rating (IDR) at the level of ‘B+’, a Short-Term Issuer Rating at the level of ‘B’ and a National Long-Term Rating ‘AA-(ukr)’ with a stable outlook by Fitch Ratings. Furthermore, in October of the previous year, Moody's Investors Service international rating agency gave the Company a Long-Term Corporate Rating of ‘B2’ with a ‘stable’ outlook.
Commenting on the issue of the internal bonds, Yuriy Ryzhenkov, the CFO of DTEK, said: ‘To finance its development, the Company applies various financial instruments, including public loan deals. DTEK can enjoy such liberty of choice thanks to its efficiency, transparency and trustworthiness’.
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