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28.11.2005
“uaCC” credit rating assigned to upcoming bond issue of “Khersongorstoy” 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 «Khersongorstroy» Ltd for 17,2 million UAH with three year circulation period. Investment building is the main activity of the company. Currently «Khersongorstroy» Ltd is carrying out the project of multi-storey building in the central part of Kherson. 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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Growing demand for flats and premises in new buildings of Kherson and the tendency to price rising.
Factors restricting the rating level:
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The issuer was registered on the 24th of February, 2004, 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, as well as sale of dwelling houses and premises;
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By October 20, 2004, the issuer didn’t receive the permission to start building, that’s why it’s difficult to prospect the beginning of the process and fulfillment of bonds issue obligations;
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Unsettled state of regulations and taxation of construction-related activities and 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)
