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01.12.2005
“uaB” credit rating assigned to upcoming bond issue of «Ukrsotsbud» Ltd
Today the independent rating agency announced the assignment of a long term «uaB» credit rating to the issue of registered convertible bonds of «Ukrsotsstroy» Ltd for 2,27 million UAH with year and a half circulation period. Investment building is the major activity sphere of the company. Currently «Ukrsotsstroy» Ltd is carrying out the project on homebuilding financing in Feodosia. In the process of analysis «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 main founder of the issuer is Commercial Bank «Ukrsotsbank» (99% of regulating capital), which is the member of the first group of banks, according to the classification of National Bank of Ukraine, and can support the issuer if necessary, however the bank doesn’t give its guarantee for this issue.
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Dynamic growth of real estate market in the Crimea Autonomous Republic connected with stable demand for real estate in recreation area and development of “de luxe” dwelling market on the South coast of the Crimea.
Factors restricting the rating level:
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The issuer was registered in June of 2005, what makes the evaluation of development dynamics quality difficult;
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The issuer has no experience in construction projects sale, including bonds repayments by converting them into living area;
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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)
