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12.07.2005
Credit rating of bond issue of Rosan, Ltd. affirmend at uaBB+
Independent rating agency Credit-Rating announced the confirmation of a long term credit rating to the bonds issuance of Joint Ukrainian-Canadian Venture Rosan, Ltd. in the amount of 3 million UAH for a three year circulation period at the “uaBB+” level in accordance with the Ukrainian national scale. The forecast of the rating is stable.
In order to make the credit rating issuance update, the agency checked financial reports of Rosan, Ltd. for the first quarter of 2005, as well other in-house information sources that were submitted by the issuer, including information received during meetings the rating agency specialist conducted with authorized representatives of the company.
Liabilities with “uaBB+” rating are subject to the least risk of non-payment at the debt capital amount or at its interest among other liabilities at a speculative level. Nevertheless, the borrower might have problems with the full and timely fulfillment of its obligations to the Ukrainian financial market for this specific obligation due to unfavorable changes in commercial, financial and economic conditions although the probability of non-fulfillment of this specific obligation at in the nearest future is low.
While confirming the credit rating it was taken into consideration that in the first quarter in 2005, Rosan, Ltd. increased the volume of its operation activities. Carriage volume fulfilled by the company in January-March made up 1.3 thousand tons, which is 13% higher than the results from last year for the same period. Joint Venture Rosan’s assets grew 12% and made up 11.7 million UAH. The financial results of the issuer in January-March were not high due to increasing expenses connected with active regional network development.
Information about all ratings on the Ukrainian national scale is available at the site of Credit-Rating http://www.credit-rating.com.ua as well as in information systems REUTERS and BLOOMBERG.
For more detailed information, please contact
Sergey Baklazhenko, Kyiv, tel./fax: (044) 490-25-50, 490-25-54,
