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20.09.2005
“uaBB” credit rating assigned to upcoming bond issue of DITA
Independent rating agency Credit-Rating announced the award of a long term “uaBB” credit rating to the issuance of registered passive (purpose) bonds of private company Dita in the amount of 3.96 million UAH for a 1,229-day period of circulation. The company is active in commercial property and housing construction as well as in rebuilding.
Positive factors that were taken into account in the rating:
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increase in demand for apartments and commercial property in newly built houses in the city of Khmelnitsky as well as the tendency for price rise of apartments which are the subject of the issuer’s registered passive (purpose) bonds issuance;
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the issuer has ten-years of positive experience in the construction industry;
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profit-making activities of the issuer for the last three years and in first half-year of 2005 (the amount of undistributed profit made up 1.6 million UAH at the end of June);
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high financial stability indexes;
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the issuer has had the main permit and allowance documentation for the construction of a block of apartments the premises in which shall be sold by means of the bonds placement.
Negative factors that were taken into account in the rating:
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lack of experience in raising of public funds for construction and sale of housing and commercial property;
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as of August 3,2005 the construction was in its initial stage;
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inadequate regulation and volatility of legislative and taxation system applicable to the construction-related transactions, specifically those connected with the fund raising operation.
Information about all ratings on the Ukrainian national scale is available at the internet site of the company Credit-Rating www.credit-rating.com.ua
For more details please contact: Dmitry Zadesenets, Kiev at +38 (044) 490-25-50, 490-25-54, cr@credit-rating.com.ua
