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22.09.2006
uaB- credit rating assigned to upcoming bond issue of "Dobrobud 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-Z, A1-A12 series) by Dobrobud Ltd (Ilyichevsk) in the amount of UAH 44 million with a circulation period till 31.12.2007. The companys main activity is construction investment. Dobrobud Ltd is currently financing construction project of residential complex GagarinPlaza in Odesa.
Factors supporting the credit rating's level:
- Issuer manages construction project of residential complex in Odesa, where demand and prices on real estate kept growing in the recent years;
- general contractor and co-investor of the scheduled project is ProgressStroy Ltd, a member of construction investment group Progress-Story which has a large experience in construction work management and residential construction projects (over the past 6 years about 200 thousand sq, m, of accommodation was set into operation).
Factors restricting the credit rating's level:
- lack of experience in accommodation construction projects and bond redemption by providing bondholders with accommodation and commercial facilities;
- as of 14.08.2006 the construction of the facility was at the beginning stage;
- negative value of the owned capital in the amount of UAH (-) 359.9 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)
