At the meeting of the Rating Committee on August 31, 2023, the National Rating Agency "Rurik" affirmed the long-term borrower credit rating of "KALINA-AUTOLEASING LTD" at the level of uaBBB+ in the investment category with "developing" outlook and also affirmed the long-term credit rating of the debt instrument for series A bonds of "KALINA-AUTOLEASING LTD" at the level of uaBBB+ in the investment category with a  "developing" outlook.

The credit rating is determined on the National Rating Scale, as indicated by the letters "ua" in the credit rating designation. The National Rating Scale allows measuring the distribution of credit risk in the Ukrainian economy without taking into account the sovereign risk of the country and is intended for use in the domestic financial market of Ukraine.

The credit rating may be changed, suspended, or revoked in case of the appearance of new significant information, insufficient information for updating the rating, or for other reasons that the agency deems sufficient to take such actions.

The rating assessment is not an absolute measure of credit risk but rather the opinion of the rating agency regarding the reliability (creditworthiness) of the rated object relative to other objects.

The determination of the credit rating level is carried out based on a specially developed proprietary methodology, taking into account the requirements of current Ukrainian legislation and international standards. In no case does the assigned credit rating constitute a recommendation for any form of financing of the rated object or the purchase or sale of its securities.

NRA "Rurik" does not act as a guarantor and does not bear responsibility for any debt obligations of the rated object. NRA "Rurik" does not personally conduct audits or other checks of information and may, if necessary, rely on unverified financial data provided by the client. The credit rating levels depend on the quality, consistency, and completeness of the information available to the Agency.

To determine the credit rating, NRA "Rurik" used the internal information and financial statements provided by "KALINA-AUTOLEASING LTD" for January 1, 2020, to July 1, 2023, as well as public information and its own databases.

During the determination of the credit rating assessments, the most significant factors affecting the borrower's credit rating level were summarized.

Positive factors:

‒ Adequate values of the Issuer's financial autonomy indicators. As of July 1, 2023, despite the placement of series A bonds, the share of capital in the Company's liabilities was 32%.

‒ Adequate liquidity indicators. As of July 1, 2023, the Company's net working capital amounted to UAH 2.8 million. The general liquidity ratio was 260% with a recommended minimum of 100%.

‒ 100% of the Company's corporate rights are owned by one participant, which prevents corporate conflicts.

– High level of financial transparency and information openness of the Company, which is reflected in the detailed and comprehensive disclosure of information necessary to determine the credit rating. This has reduced the degree of uncertainty in assessing creditworthiness and analyzing the financial and economic activities of the Company.

Negative factors:

‒ The Company's debtor portfolio is characterized by a high concentration on the main debtors, which is a factor of increased credit risk inherent in the Company's activities. According to the latest information provided by the Client, about 90% of the total accounts receivable recorded on the Company's accounts accounted for the top 3 largest debtors.

‒ Like other domestic insurance companies, the activities of "KALINA-AUTOLEASING LTD" are sensitive to the impact of general political, legal, regional, and macroeconomic sources of risk inherent in Ukraine. The escalation of military aggression by the Russian Federation against Ukraine since February 24, 2022, has had a negative impact on financial markets and the economy as a whole, which may worsen the performance indicators of the Company.

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04053 Kyiv, Sichovykh Striltsiv st., 52-A