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04.08.2006
uaBB credit rating assigned to upcoming bond issue of Tiara, 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 series) by Tiara Ltd (Kyiv) in the amount of UAH 22.6 million with a circulation period till 31.03.2007. The companys main activity is construction and repair works and design works. Tiara Ltd is currently managing the construction of residential houses in the suburbs of Kyiv Boryspil.
Factors supporting the credit rating's level:
- experience in realization of construction projects of residential houses: the Issuer put into operation two residential houses with total area of 14.5 sq. m., the construction completeness of two others is over 50%;
- the Issuer constructs residential houses in the suburbs of Kyiv Boryspil, where the demand for residential and commercial facilities grows along with the demand in Kyiv.
Factors restricting the credit rating's level:
- the construction of the residential houses to be financed through the bond offering is at the beginning stage;
- the Issuers authorized fund UAH 18.5 thousand, makes up only 0.08% of the total balance;
- lack of experience in bond redemption by providing the bondholders with residential 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)
