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03.07.2007
Outlook on the rating to bond issue by Trest Zhytlobud-1 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 of uaBBB assigned to the issue of registered housing bonds by Kharkiv-based Trest Zhitlobud-1 OJSC (`Issuer` or `company`). The issue size is UAH56.3m of A-Z, A1-Z1, and A2-C2 series with 1 to 2 1/2-year original maturity and UAH23.8m of D2-J2 series with 1-year original maturity. The company`s principal activity is investment and construction. Today the company implements 12 construction projects in city of Kharkiv. To revise the Outlook the agency considered Issuer`s financial statements for 1Q2007 as well as other inside information furnished by the Issuer.
A credit rating of uaBBB is an investment grade rating, indicating an ADEQUATE CAPACITY to pay both interest and principal on the given debt liability in the Ukrainian financial market environment. This rating indicates a level of creditworthiness that is more susceptible to adverse changes in commercial, financial and economic conditions than debt obligations with higher investment grade ratings.
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.
To change the Outlook the agency took into account the fact that construction readiness of 3 buildings being under construction as of Apr. 1, 2007 makes up for 49% to 57%. Moreover, in 4Q2006 the Issuer built 9 buildings of 56.5K sq.m. total floor area.
Information on all the credit ratings assigned in accordance with the Ukrainian national scale may be found at 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
