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20.06.2007
Credit rating to bond issue by SK Glavmash upgraded to uaB
Credit-Rating, a nationally-recognized credit rating agency in Ukraine has today upgraded to uaB from uaCCC the long-term credit rating assigned to UAH51.3m issue of registered housing bonds (A series) due Dec. 31, 2008 by Kharkiv-based SK Glavmash LLC (`Issuer` or `company`). The company`s principal activity is investment and construction. Today the company constructs a residential building in city of Kharkiv. To revise the rating the agency considered Issuer`s financial statements for 1Q2007 as well as other inside information furnished by the company.
A credit rating of uaB is a speculative grade rating, indicating a debt liability that has a HIGHER DEFAULT POSSIBILITY on the payment of principal and interest than a uaBB rating. This rating indicates that adverse changes in the business, financial or economic conditions in the Ukrainian financial market environment may negatively affect the obligor`s capacity and willingness to meet in full its commitments on the given debt liability.
In course of the rating`s revision procedures Credit-Rating took into consideration the following factors: the volume of funds aimed at construction of a residential complex in Otakar Yarosh lane amounted to UAH29.037m as of Apr. 20, 2007. Today the ferroconcrete framework on 7th storey is being under construction, besides other works being conducted. The construction readiness of the building is currently 30%.
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
