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10.05.2006
uaB credit rating assigned to upcoming bond issue of Aquapark, Ltd
Today independent rating agency Credit-Rating announced the granting of a long-term uaB credit rating to the scheduled registered interest-free (target) bond issue (B series) by Aquapark, Ltd (Kyiv) in the amount of UAH 25 million with a circulation period of 1.5 years. The companys main activity is investment and construction.
Factors supporting the credit rating's level:
- Funds raised from the bond issue offering are to be used for construction of residential houses of the second stage of Aquapark complex in Kyiv. Building of the first stage is to be put into operation in 2006;
- The Issuers operation is related to construction of residential and commercial facilities in Kyiv, where real estate prices kept growing over the past five years.
Factors restricting the credit rating's level:
- Lack of experience in realizing construction projects of residential houses and bond redemption through providing their holders with facilities;
- The companys total obligations were 97.9% of the assets by the end of 2005. In 2006 the company is to discharge UAH 42.72 million while it has no stable incomes;
- Undetermined and unstable system of legal regulation and taxation of operations with construction and fundraising.
For more detailed information, please contact us.
Kyiv (+38044 490 25 50, fax +38044 490 25 54)
