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10.04.2008
Credit-Rating downgrades SOFOR`s bond issue to uaCCC
Credit-Rating, a nationally recognized credit rating agency in Ukraine has today announced that it downgraded to uaCCC from uaB+ (uaB plus) the long-term credit rating assigned to registered coupon bonds (series A) issued by Odessa-based SOFOR LLC (`Issuer` or `company`). The amount of the issue is UAH20m, with 5-year original maturity. The company`s principal activity is investing and construction. Today the company constructs Tchabanka residential complex, located in the borough of Tchernomorskoye, Odessa Oblast. In the course of analysis Credit-Rating considered Issuer`s financial statements for 4Q and full 2007, as well as its other inside information.
An obligor or a debt liability with uaCCC credit rating is characterized with the VERY LOW creditworthiness as compared to other Ukrainian obligors or debt liabilities. There is a default possibility.
In the course of the rating`s revision procedure Credit-Rating took into account the fact that the nature of the Issuer`s bond issue does not correlate with the market characteristics of coupon bond issuances; the Issuer also suffers from absence of foreseen cash flows, which are to form sufficient reserves for repayment of company`s obligations.
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
