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26.08.2008
Credit rating of the bond issue by Kovalska Plant of Ferro-Concrete Constructions OJSC will not be downgraded
Credit-Rating does not plan to revise credit rating and its outlook assigned to the registered housing bonds issued by Kovalska Plant of Ferro-Concrete Constructions OJSC (`issuer` or `company`) in connection with the order issued by the State Environmental Inspectorate of Kiev on the stoppage of works at a sand pit located near the Southern Bridge in the city of Kiev.
Credit-Rating subscribes to the opinion that this event will not affect issuer`s
capacity to meet its commitments on the registered zero-coupon (housing) bonds of D-E
series for the amount of UAH36.8m issued for funding the construction of a residential
building situated 3, Levitana Str., Kiev. The bonds are to be redeemed in the period from
Jan. 1, 2009 to Dec. 31, 2009. As at mid-August 2008 the construction of the above
residential building is on the stage of completion.
Credit-Rating`s note:
In April 2008 Credit-Rating revised the rating assigned to zero-coupon
(housing) bonds of D-E series for the amount of UAH36.8m, issued by Kovalska Plant of
Ferro-Concrete Constructions OJSC at uaBBB- (uaBBB minus) carrying positive
outlook. The company is the biggest Ukraine`s producer of ferro-concrete constructions
and of concrete and is incorporated with Kovalska industrial and construction group,
which embraces a number of large Ukrainian companies operating in different sectors of
construction industry. The issuer is also engaged with industrial and social
construction.
For more information, please contact:
Information and Communication Department
Sergey Rozumyak +38 044 490 25 50
SRozumyak@credit-rating.com.ua
