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17.05.2006
uaBB credit rating assigned to upcoming bond issue of "Postulat", 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 issues by Postulat, Ltd (Zaporizhya region), A series in the amount of UAH 17.162 million with a circulation period of 1.5 years and B series in the amount of UAH 14.346 million with a circulation period of 2 years. The companys main activity is sale and processing of ferrous metal scrap, and investment and construction. Postulat, Ltd is currently managing construction projects in Zaporizhya and Rivne.
Factors supporting the credit rating's level:
- Construction project to be financed through A series target bond issue is to be realized through completion of unfinished facility which is 65% completed;
- Construction project to be financed through B series target bond issue is to be realized through construction of residential house which is 20% completed;
- Positive experience in prime contractors works;
- Diversification of the Issuers activity: 90% - returns from sales of metal scrap; net income in 2005 was UAH 0.55 million;
- Growing demand for apartments and commercial facilities in new buildings in Zaporizhya, and their current tendency to grow in price.
Factors restricting the credit rating's level:
- Lack of experience in management of construction project of residential houses and bond redemption by providing their holders with facilities;
- The Issuers authorized fund is UAH 11.8 thousand, which is only 0.04% of total balance;
- Undetermined and unstable system of legal regulation and taxation of operations with construction and in particular fundraising.
For more detailed information, please contact us.
Kyiv (+38044 490 25 50, fax +38044 490 25 54)
