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10.03.2006
"uaBBB" credit rating assigned to upcoming bond issue of "SPETSBUDMONTAZH" Ltd
Today independent rating agency Credit-Rating announced the granting of a long-term uaBBB credit rating to scheduled registered interest-bearing bond issue by CJSC Spetsbudmontazh (Kharkov) in the amount of UAH 15 million with a circulation period of 3 years. The main trend of the company’s activity is construction. CJSC Spetsbudmontazh is currently managing works at over 80 facilities in the city of Kharkov, in Kharkov region, in central, southern and eastern parts of Ukraine.
Factors supporting the credit rating’s level:
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Significant experience in construction in south-eastern region of the country: since 2001 till 2005 the company realized over 30 construction projects of industrial, commercial and accommodation real estate;
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CJSC Spetsbudmontazh is a member of enterprises rendering services in construction market and providing the company with building materials and equipment which decreases the Issuer’s dependence on suppliers and lowers the cost of own production;
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Growth of the Issuer’s assets over 2001-2005 by 5 times to UAH 76.5 million, growth of net sales volume by 17 times to UAH 142.8 million in 2005 and of net revenue – almost by 10 times to UAH 2.95 million;
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The issuer’s own capital volume exceeds the issue volume more than twice.
Factors restricting the credit rating’s level:
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As of 02.10.2006 all the company’s property is mortgaged on bank credits;
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Undetermined and unstable system of legal regulation and taxation of transactions connected with construction and in particular with finance-raising.
Should you need more detailed information, please contact us.
Kyiv (+38044 490 25 50, fax +38044 490 25 54)
