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21.06.2007
Credit rating to bond issue by Avantar upgraded to uaCCC
Credit-Rating, a nationally-recognized credit rating agency in Ukraine has today upgraded to uaCCC from uaCC the long-term credit rating assigned to UAH140m issue of registered housing bonds (A, B, C series) due July 1, 2008 by Kiev-based Avantar LLC (`Issuer` or `company`). The company`s principal activity is investment and construction. Today the company constructs residential buildings in city of Kiev. 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 uaCCC is a speculative grade rating, indicating a debt liability with a DEFAULT POSSIBILITY, such that the obligor`s payment of principal and interest are substantially dependent upon favourable conditions in the business, financial or economic conditions in the Ukrainian financial market environment.
In course of the rating`s upgrade procedure the agency took into account submit of construction permission to Central Directorate of Ministry of Home Affairs of Ukraine, which is the Customer of the project in 10-12, Perova blvd. The project was funded UAH5.4m from the overall volume, with the funds being aimed at project and pre-project works.
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
