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21.10.2008
Credit-Rating assigns Kompaniya Po Torgivli LLC`s upcoming bond issue uaCCC
Credit-Rating, a nationally recognized credit rating agency in Ukraine has today announced that it assigned a long-term credit rating of uaCCC to registered coupon bonds (series A) to be issued by Odessa-based Kompaniya Po Torgivli LLC (`issuer` or `company`). The amount of the issue is to be UAH65m, with 5-year original maturity. The company`s principal activity is leasing of immovable property and of manufacturing and commercial facilities. In the course of analysis Credit-Rating considered issuer`s financial statements for 2005-2007 and 1H2008 and 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.
Factors constraining the credit rating
- The demand and prices for commercial real estate in the city of Odessa is higher than that average in Ukraine.
Factors constraining the credit rating
- Expected growth in issuer`s debt burden with the size of the bond issue being of UAH65m and issuer`s net revenue from sales in 2007 recorded at UAH19.8m.
- Instability in legislation and tax environment controlling real estate operations.
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.ua
