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22.06.2009
Credit-Rating upgrades Company Revers 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+ (uaB plus) the long-term credit rating assigned to housing bonds (series A) issued by Kiev-based Company Revers LLC (`issuer` or `company`) for the amount of UAH30.4m due Jan. 22, 2012. The outlook on the rating is stable. The company`s core business is investing and construction. Today the company implements a construction project located in the city of Kiev. In the course of analysis Credit-Rating considered issuer`s financial statement for 1Q2009 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.
Stable outlook indicates that there are no anticipated reasons to change the rating in the course of the year.
Factors maintaining the credit rating
- The issuer has experience in implementation of construction projects as investor; in fact the company has reconstructed 7.25K sq.m. of premises, with 3.56K sq.m.- as a customer.
- The residential building of 7,595.0 sq.m. located 34, Bestuzheva Str., Kiev, which premises to redeem the bonds of series A, 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
