print
20.07.2007
Rating to bond issue by Alyans-Vysotstroy upgraded to uaBBB
Credit-Rating, a nationally-recognized credit rating agency in Ukraine has today upgraded to uaBBB from uaCCC the long-term credit rating toUAH62.3m 5-year issue of registered housing bonds (A series) by Odessa-based Alyans-Vysotstroy LLC (Issuer or company). The company's principal activity is investment and construction. Today the company constructs 5 apartment buildings in the city of Odessa. To revise the rating the Credit-Rating considered Issuer's 1Q2007 financial statement 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 upgrade procedure the agency took into account the following factors: the Issuer is incorporated with the Alyans Corporation, which has built 11.6K sq.m. of residential premises and the fact that the Issuer has an order portfolio for 40.2K sq.m. scheduled through 2008, with 14.2K sq.m. to be built in 2007; improved information transparency of Alyans Corporation, in fact the disclosure of information on the corporation, Issuer's role and position therein, experience in real estate market dating back to 1998 (since 2005 as a general customer and 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
