print
28.07.2006
uaB credit rating assigned to upcoming bond issue of "Kharkovgorstroy", Ltd
Today independent rating agency Credit-Rating announced the granting of a long-term uaB credit rating to the scheduled registered interest-free (special purpose) bond issue (A-D series) by Kharkovgorstroy Ltd (Kharkiv) in the amount of UAH 40.2 million with a circulation period till 23.10.2008. The companys main activity is investment and construction. Kharkovgorstroy Ltd is currently constructing residential houses in Kharkiv.
Factors supporting the credit rating's level:
- funds raised from the bond offering are to be used for construction of four residential houses in Kharkiv, two of which are 62% and 70% complete;
- the Issuer is involved in accommodation and commercial construction in Kharkiv, where the prices kept growing over the past 5 years.
Factors restricting the credit rating's level:
- lack of experience in construction of residential houses and bond redemption by providing bond holders with facilities;
- construction of two of the four facilities is at zero stage and calls for prolongation of validity of construction permit;
- 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)
