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03.04.2006
"Credit rating" upgraded credit-rating of "Budindustria XXI century", Ltd to "uaCCC"
Today independent rating agency Credit-Rating announced the upgrade of a long-term credit rating of registered interest-free bond issue (A-E series) by Budindustriya XXI Veka, Ltd from uaCC+ to uaCCC . The bonds were issued in the amount of UAH 88.6 million with the maturity date on 04.01.2007. The main trend of the companys activity is fundraising for construction of residential and commercial real estate, construction and sales of facilities. For the rating revision Credit-Rating agency used financial reports by Budindustriya XXI Veka, Ltd for the fourth quarter and for 2005 on the whole as well as inside information provided by the company.
Reasons for the upgrade of credit rating of Budindustriya XXI Veka, Ltd included the fact that during the fourth quarter of 2005 Budindustriya XXI Veka, Ltd continued financing the construction of a residential building with in-built facilities in Sevastopil, housing complex Omega 2-A, block 2. This period saw 22.5% growth of the companys assets through increasing volume of working assets due to the companys management of residential house construction. At the moment Budindustriya XXI Veka has basic licensing documents for construction. 24% of the project works were completed by the end of Dec. 2005.
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