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29.10.2007
Credit-Rating assigns NAVIUM`s bonds uaCC
Credit-Rating, a nationally recognized credit rating agency in Ukraine has today assigned UAH550m 10-year registered discount bonds issued by Crimea-based NAVIUM LLC (`Issuer` or `company`) a long-term credit rating of uaCC. The company`s primary activity is construction of building for further lease and sale, and wholesale trade. Today the company plans to operate in the Crimean real estate market. In the course of analysis Credit-Rating considered Issuer`s financial statements for 2006 and 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 is planning to operate in the Crimean real estate market, where prices and demand have been growing over the past few years.
Factors constraining the credit rating
- Issuer`s intransparency and information vagueness.
- The Issuer was registered in November 2006 and has not conducted any financial and economic activities as of Jul. 1, 2007.
- Issuer`s liabilities on UAH550m bond issue exceed significantly Issuer`s asset balance of UAH17K as of Jul. 1, 2007.
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
