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30.03.2010
Credit-Rating upgrades Kompaniya Po Torgovle LLC’s bonds to uaBB
Credit-Rating, a nationally recognized credit rating agency in Ukraine has today announced that it upgraded to uaBB from uaCCC the long-term credit rating assigned to registered coupon bonds (series A) issued by Odessa-based Kompaniya Po Torgovle LLC (‘issuer’ or ‘company’). The amount of the issue is UAH65m. The outlook on the rating is stable. The company’s principal activity is leasing of immovable property, and of production and commercial facilities. To revise the rating Credit-Rating considered issuer’s financial statements for 2009 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
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The issuer enjoys backing from Imexbank PJSC (agreement of guarantee);
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The issuer has recorded no losses in 2006-2009.
Factors constraining the credit rating
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Issuer’s considerable debt burden.
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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
