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31.05.2010
Credit-Rating upgrades PLANETA PE’s bonds to uaBB
Credit-Rating, a nationally recognized credit rating agency in Ukraine has today announced that it upgraded to uaBB from uaB the long-term credit rating assigned to registered housing bonds (series A-C) issued by Crimea-based PLANETA Private Enterprise (‘issuer’ or ‘company’). The outlook on the rating is stable. The amount of the issue is UAH16.7m. The company’s principal activity is investing and construction. Today the company constructs a hotel with office premises, apartments and a store, located in the city of Alushta. To revise the rating Credit-Rating considered issuer’s financial statements for 1Q2010 and full 2010 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 has commissioned a hotel located Baglikova Str., Alushta, for which construction the company had issued housing bonds of series A,B,C.
Factors constraining the credit rating
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The issuer does not have experience in redemption of housing bonds.
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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
