The rating of Odesa confirms at uaАА- Credit-Rating confirms the rating of Odesa at uaАА- Credit-Rating confirms the rating of Odesa at uaАА-

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12.09.2006

uaB credit rating assigned to upcoming bond issue of Incompany, 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, B series) by CJSC Incomapny (Zaporizhya) in the amount of UAH 7.6 million with a circulation period of 3 years. The companys main activity is construction. CJSC Incompany is currently completing and reconstructing two residential houses in Zaporizhya.

Factors supporting the credit rating's level:

  • the bond issue is to be used by the Issuer to finance completion of unfinished facility and reconstruction of dormitory which are 20% and 68% complete respectively;
  • growing demand for apartments in new buildings in Zaporizhya, and the tendency to raise their cost.

Factors restricting the credit rating's level:

  • lack of experience in realization of accommodation construction and reconstruction projects or in bond redemption by providing bondholders with facilities;
  • negative value of the equity which was UAH (-) 2.2 thousand as of 30.06.2006;
  • undetermined and unstable system of legal regulation and taxation of operations with construction and in particular fundraising.

For more detailed information, please contact us.
Kyiv (+38044 490 25 50, fax +38044 490 25 54)

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