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23.08.2007
Outlook on the credit rating assigned to bond issues by Energosistema LLC 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 uaCCC assigned to the registered housing bond issues (A-J series, K-P series) by the Odessa-based Energosistema LLC (`Issuer or `Company) for the amount of UAH 38.4 and UAH 17.5m respectively with 3-year original maturity. The main company`s business is investment and construction. At present, the company carries out a project for the construction of a business and residential complex in the city of Odessa. To revise the rating, the agency used the Issuer`s financial statements for 2Q and 1H2007 as well as other inside information furnished by the company
An obligor or a debt liability with uaCCC credit rating is characterized with the VERY LOW creditworthiness as compared to other Ukrainian obligors or debt liabilities. There is a default possibility.
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.
In the course of the rating`s outlook change procedure the following factors were taken into account: as of July 31, 2007 the business and residential complex, located at 27, Kanatnaya Str., Odessa, was 12% completed. The Issuer is actively carrying out construction works.
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
