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24.03.2011
Credit-Rating upgrades Ilion LLC’s bonds to uaBBB+
Credit-Rating, a nationally recognized credit rating agency in Ukraine has today announced that it upgraded to uaBBB+ (uaBBB plus) with stable outlook from uaBBB its long-term credit rating assigned to registered housing bonds (A, B series) issued by Kiev-based Ilion LLC (‘issuer’ or ‘company’). The amount of the issue is UAH49m. The company’s principal activity is investing and construction. Today the company constructs a residential building with social and commercial facilities, and an underground parking garage located in the city of Kiev. To revise the rating Credit-Rating considered issuer’s financial statements for 4Q2010 and full 2010, and its other inside information.
An obligor or a debt liability with uaBBB credit rating is characterized with the SUFFICIENT creditworthiness as compared to other Ukrainian obligors or debt liabilities. This level of creditworthiness is affected by adverse changes in commercial, financial and economic conditions. A plus "+" and a minus "-" signs indicate intermediary categories compared to the standard categories (grades).
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 is associated with Kovalskaya group of companies, which have experience in investment and construction projects in the city of Kiev and operate production facilities allowing for supplying the construction process on almost all its stages.
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A residential building located 5, Olena Pchilka Str. in Kiev has been commissioned.
Factors constraining the credit rating
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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 THOMSON REUTERS and BLOOMBERG information systems.
For more information, please contact:
Department of
Information and Communications
Sergey Rozumyak +38044490 25
50
SRozumyak@credit-rating.com.ua
Denis
Rudenko
DRudenko@credit-rating.ua
