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10.03.2009
Credit-Rating assigns PROEKT MASTER LLC`s upcoming bonds 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 B-L) to be issued by Kiev-based PROEKT MASTER LLC (`issuer` or `company`). The amount of the issue is UAH250m, due March 27, 2014. The company`s principal activity is lease of office premises. In the course of analysis Credit-Rating considered issuer`s financial statements for 2005-2007 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 maintaining the credit rating
- The amount of net earnings from the services rendered grew by 29.4% to UAH12.6m, with the net profit increased 3.6x to UAH3.2m in 9M2008 as compared with the similar year-earlier period.
Factors constraining the credit rating
- Ongoing negative trends in Ukraine`s real estate sector.
- Anticipated growth in the issuer`s debt burden (the size of the upcoming bond issue is UAH250m).
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 analytic department
Sergey Rozumyak +38 044 490 25 50
SRozumyak@credit-rating.ua
Denis Rudenko
DRudenko@credit-rating.ua
