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05.09.2007
Credit rating to bond issue by Polex upgraded to uaB
Credit-Rating, a nationally-recognized credit rating agency in Ukraine, has today upgraded to uaB from uaB- (uaB minus) the long-term credit rating assigned to UAH53.5m one year issue of registered housing bonds (A-S series) by the Chernovtsy-based Polex LLC. The company`s principal business is investment and construction. At present, the company carries out a project for the construction of an apartment building in city of Chernovtsy. To upgrade the rating, the agency considered Issuer`s financial statements for 2Q2007 as well as other inside information furnished by the company.
An obligor or a debt liability with uaB credit rating is characterized with the LOW creditworthiness as compared to other Ukrainian obligors or debt liabilities. This level of creditworthiness is extremely susceptible to adverse changes in commercial, financial and economic conditions.
In course of the rating`s revision procedures Credit-Rating took into account that the volume of construction in progress located at 229A, Russkaya Str., Chernovtsy, increased to UAH 29.3m and as of July 20, 2007 the object was 60% 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
