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16.10.2007
Credit-Rating assigns TRIUMF INVEST`s bond issue at uaCC
Credit-Rating, a nationally recognized credit rating agency in Ukraine has today assigned UAH575.7m 10-year issue of registered discount bonds (A-D series) by Kiev-based TRIUMF INVEST LLC (`Issuer` or `company`) a long-term credit rating of uaCC . The company`s principal activity is sell and purchase of real estate, development of investment projects, and wholesale and retail trade of nonfood consumer products. Today the company plans to operate in the real estate market of Kiev. In the course of analysis Credit-Rating considered Issuer`s financial statements for 1H2007 as well as other inside information furnished by the company.
An obligor or a debt liability with uaCC credit rating is characterised with the VERY HIGH DEFAULT POSSIBILITY.
Factors maintaining the credit rating
- The Issuer plans to operate in the real estate market of the city of Kiev, where real estate prices and demand have been growing over the past few years.
Factors constraining the credit rating
- The Issuer was registered in June 2007 having conducted no activities so far.
- The issue size of UAH575.7m exceeds significantly Issuer`s assets of UAH21K as of June 30, 2007.
- Instability in legislation and tax environment controlling both the construction industry and project financing.
Information on all 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
