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06.01.2006
"Credit rating" upgraded credit-rating of "Comfort-Invest" Ltd to uaBB-
Today, independent rating agency Credit Rating announced the upgrade of a long-term credit rating for Investment Company Comfort-Invest, Ltd. and the issuance of registered interest-free (target) bonds by the company in the amount of UAH 149 million for a circulation term of three-years at the "uaBB-" level, according to the Ukrainian national scale.
The rating forecast is stable. The company’s activities are investment and construction. At the present time the issuer deals with construction and sale of accommodations and office facilities in Lviv and other cities in Ukraine
Credit-Rating also announced the grant of a long-term "uaBB-" credit rating to the issuance of registered interest-bearing bonds (K, L, M series) by Comfort-Invest, Ltd. in the amount of UAH 150 million with a circulation term of six-years.
Factors supporting the credit rating level:
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The issuer is the leading company in the Comfort group that includes 12 companies providing necessary machinery for construction and sale of accommodations and office facilities;
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Positive experience in selling construction projects (for example two construction projects were put into operation in 2005);
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Nine active construction and investment projects, four of which are in Lviv where the issuer has over 22 percent of the construction market;
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Two accommodation projects are expected to be in operation in the first quarter of 2006;
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Demand for and increasing prices of residential and non-residential premises in regional centers of Ukraine;
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Twenty-seven-fold increase of the issuer’s assets since 2001 to UAH 104.1 million and five-fold increase of the net volume of sales to UAH 55.9 million.
Factors restricting the credit rating level:
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Risks connected with the planned expansion of the volume of the issuer’s activity;
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Probable increase of debt pressure taking into consideration the previous ( currently outstanding) bond issue (UAH 149 million) and planned issue (UAH 150 million);
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Liabilities/assets ratio as of 09.30.2005 is 88 percent;
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Undetermined and unstable system of legal regulation and taxation of transactions connected with construction and in particular with finance-raising.
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)
