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11.01.2006
“uaBBB” credit rating assigned to upcoming bond issue of Liko-Holding Ltd
Today, independent rating agency Credit-Rating announced the granting of a long-term "uaBBB" credit rating to the scheduled issue of registered interest-free (target) bonds by TMO Liko-Holding, Ltd. (F-L series) in the amount of UAH 179.6 million with a circulation period of three years. The company’s activities are investment and construction. Currently, TMO Liko-Holding, Ltd. is continuing construction of the accommodation complex Liko-Grad in Kyiv.
Factors supporting the credit rating’s level:
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Previous experience in construction and sale of apartment houses (as of Dec. 21, 2005 10 houses with total area of 95.9 thousand sq.m. were operational), as well as financing building projects through placing target bonds;
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Considerable increase of assets – from UAH 42 989.8 thousand as of Dec. 31, 2000 to UAH 334,754.5 thousand as of Sept. 30, 2005.
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Owned productive capacities and structural subdivisions providing complex fulfillment of works on all stages of construction;
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Company deals with organization and financing of construction of accommodation and commercial facilities in Kyiv, where prices on facilities kept growing over the last five years.
Factors restricting the credit rating’s level:
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The issuer’s authorized fund is UAH 20.5 thousand, which makes up only 0.006% of balance currency;
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Large share of debt obligations in the liabilities structure: the company’ summary liabilities as of 09.30.2005 made up 98% of assets volume, 63% of which are long-term obligations;
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Undetermined and unstable system of legal regulation and taxation of transactions connected with construction and fundraising.
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)
