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26.09.2005
“uaBBB-” credit rating assigned to upcoming bond issue of Perspectiva Investment Ltd.
Independent rating agency Credit-Rating announced the award of a long term “uaBBB-” credit rating to the issuance of registered passive (purpose) bonds (series A,B,C) of Perspectiva Investment Ltd. in the amount of 34.47 million UAH for a five year period of circulation. The company is active in elite housing construction and construction of commercial property, building for offices, cultural, sanative and shopping centers.
Factors holding the rating:
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The issuer is affiliated to the construction corporation Perspectiva, which consists of four construction companies and has nine years of positive experience in the construction industry, the corporation commissioned nine large scale projects; the share of the corporation in the city of Dnepropetrovsk construction market makes up 30%;
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The issuer’s project under construction consists of two elite residential complexes in good location in the park area in the center of Dnepropetrovsk near the central embankment;
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As of the period of rating procedure, one of the construction projects has already been set into development, the construction of another one is on its final stage, works on the third construction project are 32% done;
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Highly qualified management of the company that has considerable specialized working experience especially in the sphere of construction, all managers of the company previously had managing positions in companies of corporation Perspectiva.
Factors that restrict the rating:
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The issuance volume exceeds 2.4 times the issuer’s owned capital;
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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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Inadequate regulation and volatility of legislative and taxation system applicable to the construction-related transactions, specifically those connected with 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: Anastasia Golovach, Kiev tel./fax +38 (044) 490-25-50, 490-25-54, golovach@credit-rating.com.ua
