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19.09.2005
"uaCCC" credit rating assigned to upcoming bond issue of "Ukrimpex Ltd"
Independent rating agency Credit-Rating announced the award of a long term “uaCCC+” credit rating to the issuance of registered bonds (series A,B) of Ukrimpex Ltd. in the amount of 100 million UAH for a four year period of circulation. After changing the type of its activities the company’s business is in investment and building industry.
Positive factors that were taken into account in the rating:
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Increase in demand for apartments and office premises in newly built structures in Kharkiv as well as the tendency for price rises of already-built premises are the subject of the registered bonds that are issued by the emitter;
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The founder of the issuer Osnova Ltd. (50 % of charter fund) is a construction general contractor and is a part of French-Ukrainian joint venture, “Osnova Solsif,” that has considerable experience and is of good standing in the sphere of facilities construction and hydrotechnic and concrete works.
Negative factors that were taken into account in the rating:
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The issuer due to the changes in the type of its business activities started its construction and investment activities only in 2005, which hinders determination of the quality of the company’s dynamic development;
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Lack of experience in raising public funds for construction and sale of housing and commercial property;
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The construction as of August 20, 2005 is on its initial stage;
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Lack of a settled status and clear direction of legislative regulation, taxation systems and operations connected with construction industry, as well as fundraising.
Information about ratings in the Ukrainian national scale is available at the internet site of the company Credit-Rating at www.credit-rating.com.ua.
For more details please contact:
Dmitry Zadesenets, Kiev at +38 (044) 490-25-50, 490-25-54,
