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10.06.2009
Credit-Rating downgrades and places on RWL Darnitsa Factory of Ferroconcrete Constructions OJSC’s ratings
Credit-Rating, a nationally recognized credit rating agency in Ukraine has today announced that it downgraded to uaBBB- (uaBBB minus) from uaA+ (uaA plus) the long-term credit ratings assigned to Kiev-based Darnitsa Factory of Ferroconcrete Constructions OJSC (`issuer` or `company`) and to its coupon bonds (series G) for the amount of UAH5m. The outlook on the ratings is negative. The ratings have also been placed on Rating Watch List (`RWL`).
These ratings actions are in response to opacity regarding company`s capacity to timely and in full meet its commitments on the liabilities, coupled with eroded liquidity, which has been prompted by adversities in Ukraine`s real estate sector.
The removal of the ratings from the RWL and their further revision are contingent upon timeliness and fullness of issuer`s meeting its commitments on the bonds, with consideration to outcomes of negotiations with the bondholders concerning procedures of repayment.
An obligor or a debt liability with uaBBB credit rating is characterized with the SUFFICIENT creditworthiness as compared to other Ukrainian obligors or debt liabilities. This level of creditworthiness is affected by adverse changes in commercial, financial and economic conditions. A plus "+" and a minus "-" signs indicate intermediary categories compared to the standard categories (grades).
Negative outlook indicates that there is a possibility to downgrade the rating in the course of the year, on condition that negative tendencies are retained and current risks are realized.
The Rating Watch List is intended to inform financial market participants about possible changes of ratings in short-term prospective. The rating placed on RWL denotes that Credit-Rating is currently considering its change as a result of events or ongoing trends, which may negatively affect creditworthiness of a rating`s bearer.
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
