The rating of Odesa confirms at uaАА- Credit-Rating confirms the rating of Odesa at uaАА- Credit-Rating confirms the rating of Odesa at uaАА-

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19.07.2006

uaBB- credit rating assigned to upcoming bond issue of "Gradostroy", Ltd

Today independent rating agency Credit-Rating announced the granting of a long-term uaBB- credit rating to the scheduled registered interest-free (special-purpose) bond issue (C-F series) by Gradostroy Ltd (Kyiv) in the amount of UAH 35 million with a circulation period of 5 years. The companys main activity is investment and construction. Gradostroy Ltd is planning to finance the construction of a residential house in Chernigiv and two residential houses in Kyiv and Kyiv region. 

Factors supporting the credit rating's level:

  • experience in financing investment construction projects through bond offering and their exchange for apartments (under exchange agreements the share holders bought apartments in total area of 801 sq. m. in the amount of UAH 2.6 million);
  • two of the three projects to be financed through the bond offering are located in Kyiv and its suburbs where real estate prices kept growing over the past 5 years.

Factors restricting the credit rating's level:

  • two of the three projects are at the stage of approval of project documents;
  • the total obligation of the Issuer by the end of the 1 st quarter 2006 was 8% larger than the total balance, while the value of the own capital was UAH (-) 9.81 million; 
  • 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)

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