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18.09.2006
uaBBB- credit rating assigned to upcoming bond issue of "Michaniki Ukraine", Ltd
Today independent rating agency Credit-Rating announced the granting of a long-term uaBBB- credit rating to the scheduled registered interest-free (special purpose) bond issue (A series) by company with foreign investments Michaniki Ukraine (Odesa) in the amount of UAH 50.5 million with a circulation period till 04.01.2009. The companys main activity is construction investment. CFI Michaniki Ukraine is currently managing construction of three facilities in Mariupol and Kyiv.
Factors supporting the credit rating's level:
- Issuer is a member of Michaniki group, whose companies take the leading place in a number of economic branches of Greece (construction and development, power industry, woodworking, pipe production and extracting industry);
- experience in realization of construction projects of accommodation and commercial facilities: Issuer put into operation office and trade center Galereya Afina with total area of 30 thousand sq. m. and residential complex in Odesa with total area of 8.7% thousand sq. m., the construction of the two facilities are 85% completed.
Factors restricting the credit rating's level:
- Issuers unprofitable operation over the past three years and the first half of 2006, the amount of uncovered loss as of 30.06.2006 was UAH (-) 17.6 million, owned capital - UAH (-) 2.1 million;
- lack of experience in bond redemption by providing bondholders with facilities;
- undetermined and unstable system of legal regulation and taxation of operations with construction and in particular with fund-raising.
For more detailed information, please contact us.
Kyiv (+38044 490 25 50, fax +38044 490 25 54)
