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28.04.2006
uaBB- credit rating assigned to upcoming bond issue of ECOSORB, Ltd
Today independent rating agency Credit-Rating announced the granting of a long-term uaBB- credit rating to the scheduled registered interest-free (target) bond issue by Ukrainian Consortium Ecosorb (Kyiv) of F series in the amount of UAH 15.7 million with a circulation period of 2 years. The companys top priority activity is investment and construction. UC Ecosorb is currently managing construction projects in different cities of Ukraine: Kyiv, Rivne, AR Crimea. In the analysis process Credit-Rating agency used complete financial reports of the Issuer for 2000-2005 as well as other inside information provided by Ecosorb consortium including the information provided during the meetings of the rating agency specialists with the companys authorized representatives.
Factors supporting the credit rating's level:
- Experience in managing construction projects: 4 residential houses were put into operation: three multistoried houses in Kyiv and one five-storied in Rivne;
- Construction project to be financed through the bond issue is managed in Kyiv region, where demand for real estate grows simultaneously with demand growth in Kyiv.
Factors restricting the credit rating's level:
- Lack of experience in redeeming target bonds by providing residential and commercial facilities;
- The construction project was at the beginning stage in Apr. 2005;
- Undetermined and unstable system of legal regulation and taxation of operations with construction and in particular fund-raising.
For more detailed information, please contact us.
Kyiv (+38044 490 25 50, fax +38044 490 25 54)
