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02.07.2007
Ratings to bond issues by Cultural and Business Centre LLC upgraded to uaB-
Credit-Rating, a nationally-recognized credit rating agency in Ukraine has today upgraded to uaB- (uaB minus) from uaCCC the long-term credit rating assigned to UAH16.6m 3 1/2-year A series and UAH14m 2 1/2-year B series of the issue of registered housing bonds by Dnepropetrovsk-based Cultural and Business Centre LLC (`Issuer` or `company`). The company`s principal activity is investment and construction. Today the company constructs a residential building in the borough of Koreiz (Autonomous Republic of Crimea). To revise the rating the agency considered Issuer`s financial statements for 1Q2007 as well as other inside information furnished by the Issuer.
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 the course of the rating`s revision procedure Credit-Rating took into account the fact that construction works on 16-storeyed residential building in the borough of Koreiz were financed by UAH8.42m and the building`s construction readiness made up for a. 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
