print
26.10.2010
September Saw 3 Technical Defaults On Bonds With Speculative Ratings
Credit-Rating, a nationally recognized credit rating agency in Ukraine has today published statistical data on redemption of bond issues in September 2010 bearing agency’s ratings. According to issue prospectuses 8 rated and outstanding bond issues for overall amount of UAH333m matured in September (1 issue of interest-bearing bonds and 7 issues of housing bonds).
Basing on the data furnished to the agency, out of all bond issues 4 issues of housing bonds were not repaid in time, with 3 technical defaults recorded in September. One of the given issues defaulted earlier – in June 2010 (the issuer failed to make payments on two series of this issue of housing bonds – by one series in June 2010, when technical default was recorded, and by another series – in June 2010). Besides, the issuers have not furnished information on redemptions by three bond issues (2 issues of housing bonds and 1 issue of interest-bearing bonds). Credit ratings of all issues pertained to speculative grade of the national rating scale.
In September technical defaults were recorded by issues of housing bonds in the amounts of UAH85.5m, UAH27m, and UAH49.8m. The construction projects, where immovable property was supposed to redeem the bonds, are currently on different stages of construction ranging from high readiness to the stage of commissioning. Thereat the issuers have demonstrated different approaches to making payments on their public obligations. In one case the issuer changes offered bonds for agreements on proprietary rights, in other cases the issuers are planning to redeem the bonds upon delivery of the buildings.
Credit-Rating agency has operated in the Ukrainian market since 2001 being committed to assignment of the national scale ratings. The agency has assigned 1097 ratings. As of July 1, 2010 Credit-Rating maintains monitoring of 632 ratings, in fact 484 of corporate, 98 of financial and 50 of municipal sectors and 58 bank deposit ratings and 2 insurer strength ratings.
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
