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30.06.2006
uaCCC credit rating assigned to upcoming bond issue of "MERCURIY-PROGRESS", Ltd
Today independent rating agency Credit-Rating announced the granting of a long-term uaCCC credit rating to the scheduled registered interest-free (special-purpose) bond issue (A-G series) by Merkuriy-Progress Ltd (Kharkiv) in the amount of UAH 21.28 million with a circulation period till 31.03.2008. The companys main activity is investment and construction. Merkuriy-Progress Ltd is currently managing the construction of two multi-storey residential buildings in Kharkiv.
Factors supporting the credit ratings level:
- Growing demand for residential and commercial facilities in new buildings in Kharkiv in the recent years and the current tendency to increase their cost;
- All licensing documents available for construction of the residential building to be financed through the bond offering.
Factors restricting the credit ratings level:
- Lack of experience in construction projects of residential buildings and bond redemption by providing bond holders with facilities;
- As of 22.06.2006 the construction was at the beginning stage;
- Negative value of owned capital in the amount of UAH (-) 118.1 thousand (as of 31.03.2006);
- Undetermined and unstable system of legal regulation and taxation of operations with construction and in particular with fund-raising.
For more detailed information, please contact us.
Kyiv (+38044 490 25 50, fax +38044 490 25 54)
