"Expert RA" withdrew without confirmation rating "PUDM" From IFX

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The Expert RA rating agency withdrew the credit rating of PUDM LLC without confirmation due to the expiration of the rating, the company's refusal to maintain the rating and the lack of sufficient information to apply the methodology, according to a press release from the agency.

Earlier, the company had a rating of ruB- with a stable outlook.

The agency’s report notes that until 2022, the company operated in the gold wholesale market, where PUDM LLC purchased gold scrap, processed it into gold granules and ingots, which, in turn, were sold to jewelry factories, banks, traders. However, the company's business model has changed dramatically in 2022 due to the negative pricing environment. Due to low profitability, the management suspended its previous activities in favor of the development of the pawnshop business (First Jewelery Pawnshop LLC), which since February 2022 has been controlled by the sole participant, PUDM LLC.

“Due to a change in the business model, as of June 30, 2022, almost all assets of the rated entity were represented by issued loans. Liabilities are almost entirely represented by bonded loans,” the agency adds.

5 December, the issuer announced the change of the representative of the owners of bonds series BO-P01. After the agreement was unilaterally terminated at the request of the bondholders' representative, UniService Capital LLC, Uniline Capital Management LLC became the new bondholders' representative.

Currently, it is in circulation three issues of exchange-traded bonds of the company for 306.4 million rubles.

According to the analytical system “SPARK-Interfax”, the main activity of the PUDM is the wholesale trade, processing and production of jewelry from gold and other precious metals. PUDM is part of the Pervy Jewelery group of companies, which also hosts Pervy Jewelery Lombard LLC, a chain of pawnshops in Moscow that lends to individuals secured by jewelry.

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