OREANDA-NEWS. August 10, 2011. Credit-Rating upgraded the long-term credit rating assigned to registered coupon bonds (series A, terms of circulation until 14 March 2014, total value 19 mln UAH) issued by SIC Borshchahivskiy Chemical-Pharmaceutical Plant CJSC (Kiev, Ukraine) from uaA to uaA+. The outlook on the rating has been changed to stable. The amount of the issue is UAH 19 mln., circulation period – until 14 March 2014. The basic area of the Issuer activity is production and sales of finished medical products. To revise the rating Credit-Rating considered financial statements of SIC Borshchahivskiy Chemical-Pharmaceutical Plant CJSC for II half of 2010 and for 2010 as a whole, as well as other inside information submitted by the issuer within the rating procedure.

An obligor or a debt liability with uaA credit rating is characterized with the HIGHLY STRONG creditworthiness as compared to other Ukrainian obligors or debt liabilities. This level of creditworthiness is susceptible to adverse changes in commercial, financial and economic conditions.A plus "+" and a minus "-" signs indicate intermediary categories compared to the standard categories (grades).

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

Factors maintaining the credit rating:

Issuer’s market positions: SIC Borshchahivskiy Chemical-Pharmaceutical Plant CJSC belongs to the largest Ukrainian medicine producers with wide products range (more than 100 items of medical products);

high performance efficiency indicators within last several years;

low level of Issuer debt burden;

significant professional experience of the Issuer top-management;

Issuer’s information transparency.

Factors constraining the credit rating:

Dependence of pharmaceutical market on state regulation and high level of competition;

Issuer’s sensitivity to exchange rates volatility due to significant volumes of import medical stuff purchase.