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21.08.2006
Credit-Rating changed rating forecast of Kovcheg Ltd to positive
Today independent rating agency Credit-Rating announced the confirmation of a long-term uaCCC credit rating of Kovcheg Ltd. Rating forecast is changed from stable to positive. The company operates trade and office complex Mandarin Plaza in Kyiv. Kovcheg Ltd is currently managing construction project of residential complex in Pechersk district of Kyiv.
Credit-Rating agency also announced the confirmation of a long-term uaCCC credit rating to the registered discount bond issue in the amount of UAH 300 million with a circulation period of 5 years. The rating forecast is changed from stable to positive.
Positive forecast indicates the possibility of rating upgrade within the year, while positive trends persist and current risks are neutralized.
The following was taking into consideration when renewing credit rating of Kovcheg Ltd: Apr.-Jun. 2006 the company continued financing construction of the residential complex in Pechersk district in Kyiv. Assets grew by about 12% over this period through the increase of current and long-term assets due to the company’s involvement in construction project of residential complex. In the II quarter 2006 the company had a positive financial result in the amount of UAH 1 214.0 thousand. Aug. 2006 preparatory construction works are managed on the construction site.
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