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14.11.2005
“uaK5” credit rating assigned to upcoming bond issue of "Siver-Bud" Ltd
Today the independent rating agency announced the assignment of a short term «uaK5» credit rating to the issue of registered bonds of «Siver-Bud» Ltd for 15, 05 million UAH with one year circulation period. Investment building is the main activity of the company. Currently «Siver-Bud» Ltd is carrying out the project of dwelling house building in the center of Kyiv. In the process of analyzing «Credit-Rating» agency has used a complete financial statement of the issuer, as well as internal information, given by the company.
Factors supporting the rating level:
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The company deals with organization and financing of dwelling construction in Kyiv, - the fastest growing market for the last 5 years;
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The company obtained the permission to construct the dwelling.
Factors restricting the rating level:
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No experience in dwelling construction and sales and also public fund borrowing for construction investment;
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Negative own capital value in 2002-2004, which totalled (-) 1 418,9 thousand UAH by September 30, 2005, on account of unsecured losses;
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By October 27, the project was only on zero-stage of construction;
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All property rights for the construction project are mortgaged to the bank;
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Unsettled state of regulations and taxation of construction-related activities, especially of public borrowing.
Information on the assigned credit ratings according to the Ukrainian national scale is available at the internet site of «Credit-Rating» company www.credit-rating.com.ua, as well as in informational systems of REUTERS and BLOOMBERG
Should you need more detailed information, please contact Dmitriy Zadesenets, Yelena Tertishnik,
Kyiv (+38044 490 25 50, fax +38044 490 25 54)
