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24.07.2006
uaCCC- credit rating assigned to upcoming bond issue of "Proizvodstvenniy Vector", 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 (J series) by Proizvodstveny Vector, Ltd (Kyiv) in the amount of UAH 105 million with a circulation period of 5 years. The companys main activity is investment and construction. Proizvodstveny Vector, Ltd is currently managing the construction of a residential complex in Kyiv.
Factors supporting the credit rating's level :
- the Issuer is involved in activity related to organization and financing of residential construction in Kyiv, where prices on accommodation kept growing over the past five years;
- all licensing documents for the construction of residential complex (in particular documents for land allotment, general plan and so on) to be financed through the bond offering.
Factors restricting the credit rating's level:
- lack of experience in realization of construction projects of residential buildings and bond redemption by providing facilities to their holders;
- construction of residential complex to be financed through bond offering is at the stage of receiving permits for construction works (construction is to start the 3rd quarter 2006);
- growth of obligations on interest-free (special purpose) bonds with six previous bond issues and scheduled issue is UAH 492.8 million;
- undetermined and unstable system of legal regulation and taxation of operations with construction and fund-raising.
For more detailed information, please contact us.
Kyiv (+38044 490 25 50, fax +38044 490 25 54)
