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02.10.2006
The credit rating of the LLC "Merkuriy-Invest"'s bond issue upgraded to uaB
The independent Credit Rating rating agency has today announced the upgrade of the long-term credit rating from uaCCC to uaB level to the registered passive (special) bond (A-R series) issue of the Kharkiv-based LLC Merkuriy-Invest for the amount of UAH 19 mln. with the circulation period to 03 January 2008. The investment and construction is the main company's activity. To revise the rating, the agency used the Issuer's financial reports for the 2Q and 1H 2006, as well as other inside information furnished by the Issuer.
The debt liability's rating uaB denotes a higher default possibility on the present commitment than of uaBB, though the Issuer is currently able to meet it in the Ukrainian financial market environment. The present debt liability is more contingent upon adverse changes in business, financial and economic conditions than debt liabilities with higher ratings, which may affect the Issuer's ability and intension for timely and full interests and principal payments of the present commitment.
During the rating upgrade procedure of the LLC Merkuriy-Invests, the Issuer's experience in construction projects implementation was taken into account. The company set in operation a residential house in 9A, Olimpiyskaya Street in the city of Kharkiv and the apartments in the house are sold today. The financing capacity of other projects implementation in 9A, Rodnikovaya Str. in the city of Kharkiv was UAH 415 thousand as of the end of May 2006. The company is planning to finance the works for a total amount of UAH 46 mln. during 2006.
Information on all the credit ratings assigned in accordance with the Ukrainian national scale can be also found in the REUTERS and BLOOMBERG information systems.
For further information, please contact:
Information and analytic department
Sergey Rozumyak +38 044 490 25 50
SRozumyak@credit-rating.com.ua
