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27.06.2007
Credit rating to bond issue by Polex 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 UAH53.5m issue of registered housing bonds (A-S series) due June 01, 2008 by Polex LLC (Chernovtsy). The company`s principal activity is investment and construction activities. At present, the company is carrying out a project for the construction of an apartment building in city of Chernovtsy. To upgrade 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 obligors capacity and willingness to meet in full its commitments on the given debt liability. The plus (+) or minus (-) modifier denotes rating`s relative status within major categories.
In course of the rating`s revision procedures Credit-Rating took into account the following factors: as of April 01, 2007, the construction of the object was 15% completed, and the volume of the cash aimed at the construction of the apartment building amounted to UAH 15.83m. At present, the ferroconcrete framework on the 4-6 stages is being under construction. The apartment building is expected to be constructed in 4Q 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
