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27.03.2008
Credit-Rating upgrades Cultural-Business Centre`s bonds to uaB
Credit-Rating, a nationally recognized credit rating agency in Ukraine has today announced that it upgraded to uaB from uaB- (uaB minus) the long-term credit rating assigned to registered housing bonds (series A and B) issued by Dnepropetrovsk-based Cultural-Business Centre LLC (`Issuer` or `company`). The size of the bond issue is UAH16.6m and UAH14m respectively to the series said. The agency has also revised the rating outlook to stable . The company`s principal activity is investing and construction. Today the company constructs a residential complex located in the borough of Koreiz (Autonomous Republic of Crimea). To revise the rating the agency considered Issuer`s financial statements for 4Q and full 2007, as well as its other inside information.
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. 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 overall volume of investments in construction of the residential complex located 64-66, Yuzhnaya st. (1st phase), the borough of Koreiz has been raised to UAH22.8m.
- According to the Issuer, the building`s construction readiness is currently 60 percent.
Factors constraining the credit rating
- The delivery of the residential complex mentioned is expected to be delayed.
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
