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03.05.2006
uaCCC credit rating assigned to upcoming bond issue of TF-Invest, Ltd
Today independent rating agency Credit-Rating announced the granting of a long-term uaCCC credit rating to the scheduled interest-free (target) bond issue by TF-Invest, Ltd (F-M series) in the amount of UAH 17.2 million with a circulation period of 3 years. The companys main activity is fund-raising for construction and selling of accommodation and commercial real estate.
Factors supporting the credit rating's level:
- Recent growth of demand for apartments and commercial facilities in new buildings in Odessa and the current tendency in the primary market to raise prices on apartments which are subject of the target bonds of the issuer;
- Client and developer of the scheduled project is OJSC Chernomorgidrostroy which has 40 years of experience of real estate construction in Odessa region;
Factors restricting the credit rating's level:
- The issuer was registered in November 2005 which makes it harder to predict the companys development dynamics;
- Lack of experience in public fund-raising for construction and sale of residential and commercial facilities;
- construction of the residential complex to be financed through bond offering is at the final stage of approval of documents for construction start;
- The Issuer is not fully supplied with assets: as of 12.31.2005 the total balance was UAH 84.7 thousand, while the amount of the two bond issues is UAH 23 974.6 thousand;
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Undetermined and unstable system of legal regulation and taxation of transactions connected with construction and in particular with finance-raising.
For more detailed information, please contact us.
Kyiv (+38044 490 25 50, fax +38044 490 25 54)
