print
03.12.2008
Credit-Rating downgrades Angram-Invest LLC`s bonds to uaCCC
Credit-Rating, a nationally recognized credit rating agency in Ukraine has today announced that it downgraded to uaCCC from uaB the long-term credit rating assigned to registered housing bonds (series A-C) issued by Kharkiv-based Angram-Invest LLC (`issuer` or `company`). The amount of the issue is UAH25.1m due Dec. 31, 2009. The company`s principal activity is investing and construction. Today the company constructs a residential building located in the city of Yalta in Autonomous Republic of Crimea. To revise the rating Credit-Rating considered issuer`s financial statements for 3Q and 9M2008 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 amount of funding the construction of the residential building located 37, Sverdlova Str., city of Yalta, which premises to redeem the bond issue of series A-C is 16% as of Sep. 30, 2008.
Factors constraining the credit rating
- The issuer does not have experience in investment and construction projects, neither in redemption of hosuing bonds.
- The construction works at the residential building located 37, Sverdlova Str., Yalta are suspended due to lack of funding.
- Low issuer`s performance indicators recorded over the past few years.
- Ongoing negative trends in Ukraine`s real estate sector.
- Instability in legislation and tax environment controlling both the construction industry and project financing.
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
