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27.08.2007
Upcoming bond issue by Vladobor LLC assigned uaCCC credit rating
Credit-Rating, a nationally-recognized credit rating agency in Ukraine, has today announced the assignment of uaCCC long-term credit rating to UAH 16.5m 3-year issue of registered housing bonds (A series) by the Simferopol-based Vladobor LLC (`Issuer` or `Company`). The company`s principal business is investment and construction. In the course of analysis, Credit-Rating considered the Issuer`s financial statements for 2003-2006 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.
Factors maintaining a credit rating:
- The housing bonds will be redeemed by giving the appropriate residential premises in the apartment building located at Lermontova Str. Dachnaya Str., Simferopol, to their owners. The construction permits are expected to be received;
- The Issuer is involved in investment and construction activities in the city of Simferopol, where the real estate prices and demand have been growing over the past few years.
Factors constraining a credit rating:
- The bonds will be redeemed by giving the appropriate residential premises in the apartment building, the construction readiness of which is at the initial stage;
- The upcoming bond issue amounts to UAH 16.5m, as of June 30, 2007 the Issuer`s balance sheet total amounted to UAH 164 100 and the equity amounted to UAH 4 200;
- The Issuer has not carried out any financial and economic activities yet;
- Instability of legislation and tax environment controlling both the construction industry and project financing.
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
