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30.08.2007
Credit rating to bond issue by Construction Ltd upgraded to uaBB
Credit-Rating, a nationally-recognized credit rating agency in Ukraine, has today upgraded to uaBB from uaB the long-term credit rating assigned to the registered housing bonds (A-K series) by the Nikolaev-based Construction Ltd LLC (`Issuer` or `Company`) for the amount of UAH 19.3m with year and a half original maturity. The main company`s business is investment and construction. Today, the company carries out a project for the construction of a residential complex in the city of Nikolaev. To revise the rating, the agency used Issuer`s financial statements for 2Q2007 and 1H2007 as well as other inside information furnished by the company.
An obligor or a debt liability with uaBB credit rating is characterized with the LOWER THAN SUFFICIENT creditworthiness as compared to other Ukrainian obligors or debt liabilities. This level of creditworthiness is strongly affected by adverse changes in commercial, financial and economic conditions.
In the course of the rating`s upgrade procedure the agency took into account that the volume of construction in progress of the object located between Admiralteyskaya Str. and K. Libkhnekhta Str., Nikolaev, increased to UAH 26.3m, and as of July 20, 2007 the object was 80% completed.
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
