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04.04.2008
Credit-Rating upgrades ZHYTOMYR PRYVATBUD`s bonds to uaBB
Credit-Rating, a nationally recognized credit rating agency in Ukraine has today announced that it upgraded to uaBB from uaB+ (uaB plus) the long-term credit rating assigned to registered housing bonds (series A) issued by Zhytomyr-based ZHYTOMYR PRYVATBUD LLC (`Issuer` or `company`). The amount of the issue is UAH11m, with 2-year original maturity The company`s principal activity is investing and construction. Today the company constructs a residential building located in the city of Zhytomyr. 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 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.
In the course of the rating`s revision procedure Credit-Rating took into account the fact that the amount of the planned bond issue has been decreased combined with revision of its purpose: the funds to be raised from the sale of the housing bonds are planned to be aimed at funding the completion of the construction and at finishing the bank and office premises, which is built on to a residential building, located 99, Pobedy st., Zhytomyr (which has been delivered according to a resolution issued by the Executive Committee of Zhytomyr City Council under #1016 dated Dec. 27, 2007) with these premises to be delivered by 1H2008-end.
Information on all credit ratings assigned in accordance with the National Rating Scale may be found in 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
