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17.09.2007
Credit-Rating assigns its first rating of uaAAA to EKSKO PLUS`s bonds
On September 11, the Hyatt Regency Ukraine Hotel hosted a press-conference devoted to assignment of the highest national scale rating. The rating of uaAAA has been assigned to UAH363.3 million 3-year issue of registered housing bonds (A-M series) by Kiev-based EKSKO-PLUS LLC.
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The funds raised from the bonds placement are to be aimed at construction of Park Avenue residential complex in the city of Kiev. The company`s only participant is Cyprus-domiciled Global Space Management Ltd., which is associated with the Israel-domiciled Scorpio Real Estate group of companies, which, in its turn, is a structural subdivision of Beny Steinmetz Group (BSG). Scorpio Real Estate has launched three projects under Seven Hills trade mark in the city of Kiev. |
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`This is the first rating of uaAAA assigned by our agency; we commenced our work in November 2001 with the first rating assigned in July 2002` Stanislav Dubko, Credit-Rating CEO said opening the press-conference. According to Mr. Dubko, housing bonds is one of the most popular vehicle for attraction of funds to construction industry, and the assignment of the highest rating is the key event in this realm. The Credit-Rating CEO gave as example the following facts: the agency has assigned 335 ratings to issues of housing bonds for a. UAH23 billion, with 298 of these ratings being speculative-grade. `The assignment of uaAAA rating in the national construction industry is obviously a new standard, a new benchmark for assessment of a company`s creditworthiness operating in this industry` noted Mr. Dubko. |
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The Credit-Rating CEO has also stressed that the key factor affecting the rating is the company`s information transparency. `Credit ratings are often contingent upon company`s disclosure policy. Unfortunately, the incapacity of Ukrainian companies to confide in detail about the groups they are associated with exerts a downward pressure on the ratings. Yet, we are considering now the company`s high information openness.
Moreover, the rating has also been underpinned by all-round support from BSG group, which enjoys over 60-year experience in the international diamond market, as well as in the markets of metals, engineering, oil, gas, energy supply, processing industry, real estate and in investments.
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Ari Schwarz, the Director General of Seven Hills has announced the company`s long-term plans: `We came in Ukraine for a long time and investments in construction is of great importance for us. A foreign company entering the Ukrainian market has to adapt itself by studying local legislation and environment. I think, we have succeeded in this. Once we have handed in the first apartments of the complex to our customers this will signal we have successfully completed the trial. Mr. Schwarz said that the company had anticipated the assignment of the highest rating. `We expected a high rating, since other companies incorporated with our group, also get high ratings in different countries. Important is that we got the highest rating possible; it`s like a quality sign for us. This shows our customers that the company they have entrusted their money, has a sufficient financial capacity, significant experience and is able to meet all its commitments. |
The Seven Hills`s Director General considers Kiev and Ukraine as promising markets to operate in more aggressively following the company`s management decisions on increasing investments in post-Soviet states.
