print
04.07.2007
Rating to bond issue by Ukrgaz 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 UAH382m issue of registered housing bonds with A series due Dec. 1, 2007 and B series due Sep. 1, 2009 by Kiev-based Ukrgaz LLC (`Issuer` or `company`). The company`s principal activity is investment and construction. Today the company constructs a residential complex in the borough of Tchaiki in Kiev Oblast. To revise 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 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 the agency took into account
that the construction readiness of the 1st stage of residential complex in
1, Lobanovskiy str. is 80% as of April-beginning 2007, with the finishing works on А, Б,
and В blocks being underway.
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
