print
13.11.2007
Credit-Rating: Sirius`s bond rating upgraded to uaB+
Credit-Rating, a nationally-recognized credit rating agency in Ukraine has today upgraded to uaB+ (uaB plus) from uaB- (uaB minus) the long-term credit rating assigned to UAH63.3m 1 1/2-year registered housing bonds (A-C series) issued by Odessa-based Sirius LLC (`Issuer` or `company`). Credit-Rating has also revised the outlook on the rating to stable from positive. The company`s primary activity is investing and constructing. Today the company constructs a residential building with installed non-residential premises and a parking in the borough of Kotovskogo, in Odessa. To revise the rating the agency considered Issuer`s financial statements for 3Q and 9M2007 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. The plus (+) or minus (-) modifier denotes rating`s relative status within major categories.
`Stable` outlook indicates that there are no anticipated reasons to change the rating in the course of the year.
In the course of the rating`s revision procedure Credit-Rating took into account that the volume of investments in construction of the building #35, based in the borough of Kotovskogo (Odessa) has been raised to UAH54.6m. The construction readiness of the building is currently 75 per cent with the construction process falling behind schedule by 3 to 4 months.
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
