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20.03.2008
Credit-Rating upgrades Misto`s bonds to uaBB-
Credit-Rating, a nationally recognized credit rating agency in Ukraine has today announced that it upgraded to uaBB- (uaBB minus) from uaB the long-term credit rating assigned to registered housing bonds issued by Investment and Construction Corporation Misto LLC (`Issuer` or `company`). The size of the bond issues are as follows: UAH88.3m of series I-K, UAH9.6m of series R and UAH28.5m of series T, all of 2 Ѕ-year original maturity. The outlook on the rating has been revised to stable. The company`s principal activity is investing and construction. To revise the rating Credit-Rating considered Issuer`s financial statements for 4Q and full 2007, and its other inside information.
An obligor or a debt liability with uaBB credit rating is characterized with the LOWER THAN SUFFICIENT creditworthiness as compared to other Ukrainian obligors or debt liabilities. This level of creditworthiness is strongly affected by adverse changes in commercial, financial and economic conditions. A plus "+" and a minus "-" signs indicate intermediary categories compared to the standard categories (grades).
Stable outlook indicates that there are no anticipated reasons to change rating in the course of the year.
Factors maintaining the credit rating
- The Issuer has delivered 2 residential buildings of 39,641.6 sq.m. located in the city of Brovary with another residential building of 23,328.8 located in the city of Vyshneve expected to be delivered.
- The bonds issued for funding the construction of a residential building in 21, Chernyakhovskogo st., Brovary are expected to be redeemed soon.
Factors constraining the credit rating
- There is a possibility for prolongation of housing bonds` original maturity to 6 months. The bonds were issued for funding the construction of a residential building located 46, Mayakovskogo st., Boryspil.
Information on all credit ratings assigned in accordance with the National Rating Scale may be found in REUTERS and BLOOMBERG information systems.
For more information, please contact:
Information and Communication Department
Sergey Rozumyak +38 044 490 25 50
SRozumyak@credit-rating.com.ua
