print
02.08.2006
uaBB- credit rating assigned to upcoming bond issue of "Intostroy", 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 (A-H series) by Industrial-Construction Group Intostroy (Odesa) in the amount of UAH 71.7 million with a circulation period till 31.12.2010. The companys main activity is construction, assembly and repair works. ICG Intostroy is currently managing the construction of residential houses in Odesa.
Factors supporting the credit rating's level:
- the enterprise is a company group whose production capacities allow servicing practically all stages of construction process;
- experience in general contractor works and setting facilities into operation ( 21 405 sq. m. of accommodation were put into operation in 2004; by the end of 2006 five residential houses with total area of 38 626 sq. m. are to be put in operation).
Factors restricting the credit rating's level:
- as of 12.07.06 the four construction projects to be financed through the bond offering are at the finishing stage of approving of licensing documents for constriction works;
- by the end of the 1 st quarter 2006 the Issuers total obligations were 3% higher than the total balance; the owned capital was UAH (-) 1.69 million 31.03.2006;
- 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)
