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13.06.2007
Credit rating to bond issue by Nord-service-shipping upgraded to uaB-
Credit-Rating, a nationally-recognized credit rating agency in Ukraine has today upgraded to uaB- (uaB minus) from uaCCC+ (uaCCC plus) the long-term credit rating assigned to UAH21.6m 3-year issue of registered housing bonds (A, B series) by Simferopol-based Nord-service-shipping LLC (Issuer or company). The main companys activity is investment and construction. Today the company implements a construction project in city of Simferopol. In course of the ratings revision procedure Credit-Rating used Issuers financial statements for 1Q2007 as well as other inside information furnished by the company.
The uaB issue rating reflects higher default possibility than of the uaBB rating, though in this case the obligors capacity is adequate to pay its obligations in the Ukrainian financial market environment. This debt obligation is more affected by the adverse changes in business, financial and economic conditions than obligations with higher ratings. That may negatively affect the obligors capacity and willingness to fully and timely pay interest and principal on obligations. The plus (+) or minus (-) modifier denotes ratings relative status within major categories.
In course of the ratings revision procedure Credit-Rating took into consideration the fact that the volume of works conducted on 23 and 25, Kamskaya str., Simferopol, have grown during 1Q2007 almost 60% to UAH4.058m amounting to 36% of the objects construction readiness as of Apr. 20, 2007.
Information on all the credit ratings assigned in accordance with the Ukrainian national scale may be found in the REUTERS, BLOOMBERG and FTN MONITOR information systems.
For further information, please contact:
Information and analytic department
Sergey Rozumyak +38 044 490 25 50
SRozumyak@credit-rating.com.ua
