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21.07.2006
uaCC credit rating assigned to upcoming bond issue of "Energosystema", Ltd
Today independent rating agency Credit-Rating announced the granting of a long-term uaCC credit rating to the scheduled registered interest-free (special-purpose) bond issue (K-P series) by Energosistema Ltd (Ilichevsk) in the amount of UAH 17.5 million with a circulation period of 3 years. The companys main activity is investment and construction. Energosistema Ltd is planning to manage the construction of accommodation and office complex in Odesa.
Factors supporting the credit rating's level:
- growth of demand for apartments and commercial facilities in new buildings in Odesa over the past 3 years and the tendency to increase their cost.
Factors restricting the credit rating's level:
- as of 05.05.2006 the Issuer did not have all licensing documents approved for the construction of accommodation and office complex;
- total obligations on interest-free (special-purpose) bonds increased to UAH 55.99 million (including the scheduled and the previous bond issues);
- unprofitable activity of Energosistema Ltd over the past 4 years and the 1st quarter 2006 (total loss was UAH 1.2 million); as of 31.03.2006 the negative value of owned capital was UAH (-) 70.8 thousand;
- lack of experience in construction projects of residential houses and bond redemption by providing bond holders with facilities;
- 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)
