Page 54 - UKRRptNov18

easier access to the market must be accompanied by sustainable economic growth and other government actions to protect investor rights."
Horizon Capital , a US-headquartered private equity fund manager that specialises in investing into Ukraine, is going to invest up to $200mn in Ukraine over the next three or five years, according to the company's senior partner and a member of the Horizon Capital investment committee Denys Tafintsev.
Allseeds, the seed crushing giant, plans an ambitious three-year, $200mn investment plan designed to culminate in a listing on overseas stock market by 2022, its CEO, Viacheslav Petryshche, tells Reuters. “Our plan is to hold an IPO in the next four years. We are considering Singapore, Hong Kong, Toronto,” he says. It would be the first overseas Initial Public Offering for a Ukrainian company since 2012.
ICU, the Kyiv-based investment group, has entered the venture capital business with two investments: Petcube, the online monitoring camera for pet owners; and Hideez, a digital keychain and wallet for crypto currency storage. “We invest in companies that have proven the viability of their business ideas,” ICU partner Makar Pasenuk tells Interfax-Ukraine. “Our investments in one project range from $200,000 to $1mn.”
8.4 International ratings
Ukraine - Rating agency
as of Jan 2018
Bond rating: Moodys
Caa2 (P)
Bond rating: Fitch
B- (S)
Bond rating: S&P
B- (S)
S&P Global Ratings affirmed its B- long-term foreign currency rating for Ukraine and its stable outlook for the rating, the agency reported on Oct. 19. Ukraine's rating potential is constrained by its “large external refinancing risks, which necessitate continued compliance with its IMF program,” as well as political uncertainty related to the 2019 election campaigns and high consumer inflation, the S&P press release stated.
The rating’s stable outlook reflects the agency’s expectation that Ukraine will continue to draw IMF leading support by securing the newly drafted 14-month program worth $3.9bn. Moreover, the new program will have “a less demanding structural reform agenda,” prompting S&P's analysts to anticipate “broad compliance with program requirements” despite political risks, the release said.
Among possible negative developments, S&P sees the risk of Ukraine’s inability to tap capital markets for debt refinancing, as well as a possible adverse ruling of a U.K. court on Ukraine’s $3bn debt to a Russian state fund. Ukraine’s rating could improve on boosted economic growth (S&P sees Ukraine’s real GDP growing 2.5% in 2019 and 3.0% in 2020), improved “external and fiscal imbalances,” as well as visible improvements in the “security situation” in occupied Donbas, the release said.
As expected Fitch affirmed its rating on Ukraine at B- with stable outlook
citing weak external liquidity amid high external financing requirements. The
54 UKRAINE Country Report November 2018 www.intellinews.com