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18.11.2009
Credit-Rating downgrades PLANETA-BUD CJSC’s bonds to uaCCC
Credit-Rating, a nationally recognized credit rating agency in Ukraine has today announced that it downgraded to uaCCC from uaBBB the long-term credit rating assigned to coupon uncollateralized bonds (series A-B) issued by Kiev-based PLANETA-BUD CJSC (‘issuer’ or ‘company’) for the amount of UAH51.9m. The outlook on the rating remains negative. The company’s principal activity is construction of residential, commercial and industrial buildings.
This rating action is in response to issuer’s information closeness prompted by changes in issuer’s ownership structure and opacity with regard to the upcoming coupon payment on series A-B bonds. According to data disclosed in the stock market, the issuer’s net loss amounted to UAH173m in 1H2009, with the issuer’s equity becoming negative.
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.
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.
Information on all credit ratings assigned in accordance with the National Rating Scale may be found in in REUTERS and BLOOMBERG information systems.
For more information, please contact:
Information and
analytic department
Sergey Rozumyak +38044490 25 50
SRozumyak@credit-rating.com.ua
Denis
Rudenko
DRudenko@credit-rating.ua
