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26.06.2007
Outlook on the credit rating assigned to bond issue by Akvapark changed to Positive
Credit-Rating, a nationally-recognized credit rating agency in Ukraine, has today changed to Positive from Stable the outlook on the long-term credit rating uaB assigned to the registered housing bond issue (C series) by Akvapark LLC (Kiev) for the amount of UAH 50m with the year and a half original maturity. At present, Akvapark LLC is carrying the project for the construction of a housing and hotel complex in Kiev. To revise the rating the agency used financial statements of Akvapark LLC 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.
A `Positive` outlook indicates that there is a possibility to upgrade the rating in the course of the year, on the condition that positive tendencies are maintained and that current risks are reduced.
In the course of the rating`s outlook change procedure the following factors were taken into account: the company has already completed the construction of a residential section and a car-park for 59 places of the apartment building #1 belonged to the residential and hotel complex located at Shymskogo Str., Dneprovskyi district, Kiev. The construction of the residential section is 100% completed, and the business section is 96.5% completed. The construction of the residential section of the apartment building #2 is 60% completed and of the apartment building #3 is 50% completed. Over 1Q2007, the financial and economic activities of Akvapark LLC were profitable. The company received profit of UAH 1.2m from the sale of apartments, goods, services and securities.
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
