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27.07.2006
uaCCC credit rating assigned to upcoming bond issue of "Ukrzhylstroy", 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 series) by Ukrzhylstroy Plus Ltd (Ilyichevsk) in the amount of UAH 28 million with a circulation period of 4 years. The companys main activity is investment and construction. Ukrzhylstroy Plus Ltd is currently managing construction of residential houses in Ilyichevsk. In the analysis process Credit-Rating agency used the Issuers financial reports for 2002-2005 and the 1 st quarter 2006, as well as inside information provided by the company.
Factors supporting the credit rating's level:
- experience in general contractor and contractor works;
- the Issuer is involved in the activity related to organization and financing of accommodation construction in Ilyichevsk (Odesa region), where the prices on accommodation kept growing in the recent years.
Factors restricting the credit rating's level:
- lack of experience in realizing construction project as client and bond redemption through providing bond holders with facilities;
- as of 05.07.2006 the construction of two of the four facilities to be financed through the bond offering is at the beginning stage, the other two at the stage of approving design documents;
- 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)
