Expert RA Rating Agency has confirmed the credit rating of BO-01 series for bonds issued by Online Microfinance company, a member of IDF Eurasia Group, at ruBB+. To the date of this release, this is the highest rating assigned to debt securities placed by participants in the microfinance market. Now therefore, ruBB+ rating is a reliable confirmation of the Issuer’s solvency and ability to fulfill its financial obligations to investors in a timely and full manner under current crisis situation.
The rating is based on the conditional rating class of the Issuer (MFC “Money Man” LLC has ruBB+ rating with a stable Outlook from Expert RA), which is a sister company to the Issuer. On the other hand, assignment of this rating was supported by such factors as sufficient liquidity, an adequate level of credit risk management and improving the quality of microloans issued, an adequate level of risk management and corporate governance. Credit rating of the bond loan corresponds to the credit rating of MFC “Money Man” LLC.
Issue parameters: type of security-exchange – traded, documentary, interest-bearing, non-convertible bonds with mandatory centralized storage. ID number: 4B02-01-00459-R dated April 26, 2019. ISIN: RU000A100CT0. Issue volume: 300 million rubles. Date of placement: May 23, 2019. Redemption date: May 19, 2020. Detailed information about the Issuer and its bonds is available in the company’s card on the Interfax-CRKI website.
LLC MFC “Money Man” issued its first loan in 2012. The company specializes in remote (online) microloans “Till payday” to 30 thousand rubles for up to 30 days, and consumer microloans to 90 thousand rubles for up to 4 months. As of January 1, 2020, founders of the company B. A. Batin and A. A. Dunaev control 21.18% of the capital. There are also portfolio investors (the largest share of 16.1% belongs to V. G. Dymov) and options of the Group’s management. As of January 1, 2020, the company’s assets amounted to 2.3 billion rubles, and its balance sheet capital amounted to 1.1 billion rubles (regulatory capital – RUB 322.7 million). The debt balance on microloans (the main debt before deducting reserves) as of January 1, 2020 is 4.51 billion rubles. The volume of microloans issued by the company in 2019 amounted to 9.58 billion rubles. Net profit in 2019 have made 726,5 million rubles.