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13.07.2007
Rating to bond issue by Alyans-Zhilstroy upgraded to uaBBB
Credit-Rating, a nationally-recognized credit rating agency in Ukraine has today upgraded to uaBBB from uaB the long-term credit rating assigned to issue of registered housing bonds (A series) by Odessa-based Alyans-Zhilstroy LLC (Issuer or company) for the amount of UAH119.3m due Nov. 15, 2010. The companys principal activity is investment and construction. Today the company constructs 6 residential buildings in different Odessa districts. To revise the rating the agency considered Issuers financial statements for 1Q2007 as well as other inside information furnished by the company.
A credit rating of uaBBB is an investment grade rating, indicating an ADEQUATE CAPACITY of an obligor 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.
In the course of the ratings revision procedure Credit-Rating took into account the following factors: companys accomplishment of residential buildings of 11.6K sq.m. total floor area coupled with the Issuers order portfolio of 84.7K sq.m. scheduled through 2008 with 55.3K of them to be built in 2007; improved information transparency of Alyans Corporation the Issuer is incorporated with, in fact the disclosure of information on the corporation, Issuers role and position therein, experience in real estate market dating back to 1998 (since 2005 as a general customer and a constructor), plans for further expansion aimed at residential construction of 170K sq.m. on 20 sites in city of Odessa, with 69.5K of them to be built in 2007.
Information on all the credit ratings assigned in accordance with the Ukrainian national scale may be found in 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
