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28.11.2005
“uaCC” credit rating assigned to upcoming bond issue of “Avantar” Ltd
Today the independent rating agency announced the assignment of a long term «uaCC» credit rating to the issue of registered convertible bonds (series A, B, C) of «Avantar» Ltd for 140 million UAH with three year circulation period. Investment building is the main activity of the company. Acting as an investor, currently «Avantar» Ltd is carrying out the first project; the company builds a group of houses in 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.
Factors restricting the rating level:
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The issuer was registered in May 2005, that makes the evaluation of development dynamics quality of the company difficult;
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No experience of public fund borrowing for construction investment, sale of dwelling houses and premises;
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By November 18, 2005, realization of the project, which financing will be carried out by bonds issue, is on the stage of obtaining permission documents;
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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
Kyiv (+38044 490 25 50, fax +38044 490 25 54)
