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21.01.2010
Credit-Rating upgrades Atlanta Invest and Development LLC’s bonds to uaB
Credit-Rating, a nationally recognized credit rating agency in Ukraine has today announced that it upgraded to uaB from uaB- (uaB minus) the long-term credit rating assigned to registered housing bonds (series A, B, C) issued by Kiev-based Atlanta Invest and Development LLC (‘issuer’ or ‘company’). The amount of the issue is UAH85.5m due Jul. 31, 2010. The outlook on the rating is stable. The company’s principal activity is investing and construction. Today the company constructs a residential building located in the city of Kiev. To revise the rating Credit-Rating considered issuer’s financial statements for 3Q and 9M2009 and its other inside information.
An obligor or a debt liability with uaB credit rating is characterized with the LOW creditworthiness as compared to other Ukrainian obligors or debt liabilities. This level of creditworthiness is extremely susceptible to 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
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The construction readiness of the residential building located 66, General Naumov Str., city of Kiev, was recorded at 86% as at Sep. 30, 2009 (rose by 4 p.p. over the quarter).
Factors constraining the credit rating
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Delays in construction of the building.
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The issuer does not have experience in investment and construction projects neither in redemption of houinsg bonds.
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Issuer’s unstable performance indicators in the past few years.
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Ongoing negative trends in Ukraine’s real estate sector.
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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 +38044490 25 50
SRozumyak@credit-rating.com.ua
Denis
Rudenko
DRudenko@credit-rating.ua
