print
26.03.2009
Credit-Rating upgrades CG Ratibor LLC`s bonds to uaBB
Credit-Rating, a nationally recognized credit rating agency in Ukraine has today announced that it upgraded to uaBB from uaB the long-term credit rating assigned to registered housing bonds (series B-C) issued by Construction Group Ratibor LLC (`issuer` or `company`). The amount of the issue is UAH60m due Jan. 31, 2010. The company`s principal activity is investing and construction. Today the company constructs an office and residential complex located in the city of Dnepropetrovsk. To revise the rating Credit-Rating considered issuer`s financial statements for 4Q08 and full 2008 and 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.
Factors maintaining the credit rating
- The office and residential complex located Karl Marx Av. - Simferopolska Str., Dnepropetrovsk, which premises to redeem the series `B` and `C` bonds, has been commissioned.
Factors constraining the credit rating
- The issuer does not have experience in redemption of housing bonds.
- Issuer`s volatile performance indicators recorded over the past few years.
- 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 analytic department
Sergey Rozumyak +38 044 490 25 50
SRozumyak@credit-rating.ua
Denis Rudenko
DRudenko@credit-rating.ua
