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29.06.2007
Credit rating to bond issue by Pridneprovskaya Energy Company 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 UAH 16m 4-year issue of registered housing bonds (A series) by Pridneprovskaya Energy Company LLC (Dnepropetrovsk). The company`s principal activity is investment and construction. At present, the company is carrying out a project for the construction of an apartment building in the city of Dnepropetrovsk. To upgrade the rating, the agency used the company`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. The plus (+) or minus (-) modifier denotes rating`s relative status within major categories.
In course of the rating`s revision procedures, the Credit-Rating took into account the following factors: as of May 01, 2007, the construction of a ground floor was completed, and a framework of the building superstructure on the third stage is being under construction. The apartment building is located in 12a Komsomolaskaya Str., Dnepropetrovsk. The apartment building is expected to be constructed in 1Q 2008.
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
