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17.09.2007
Credit rating to bond issue by Gelada Private Company 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 UAH29.9m 1 Ѕ-year issue of registered housing bonds (A series) by Alushta-based Gelada Private Company (`Issuer` or `company`). The agency has also revised the outlook on the rating to Stable from Positive. The company`s principal activity is investment and construction. To revise 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.
Stable outlook indicates that there are no anticipated reasons to change rating in the course of the year. This is outlook by default.
To revise the rating Credit-Rating took into consideration the following: the investments in the residential and recreational complex in the borough of Bondarenkovo (Alushta, the Autonomous Republic of Crimea) increased to UAH14,098.8K, which accounts for 85-90% of the overall volume.
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
