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30.08.2006
uaCCC+ credit rating assigned to upcoming bond issue of SPE "CAC"
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 Small Private Enterprise SAS (Odesa region) in the amount of UAH 47.6 million with a circulation period of 1 year. The companys main activity is building and assembly works and repair works. SPE SAS is currently managing construction project of a ten-storeyed residential house in Odesa.
Factors supporting the credit rating's level:
- all licensing documents available for construction of residential complex to be financed with funds raised through the special-purpose bond offering;
- experience in contractor and general contractor works;
- growing demand for residential and commercial facilities in new buildings in Odesa in the recent years, and tendency to raise their cost.
Factors restricting the credit rating's level:
- lack of experience in bond redemption by providing the bondholders with facilities;
- construction of the residential complex is at the beginning stage, while the planned maturity date of the scheduled bond issue is in June 2007;
- 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)
