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02.11.2006
The bond issue by the LLC "Nord-service-shipping" assigned uaCCC+ (uaCCC plus) credit rating
The independent "Credit-Rating" agency has today announced the assignment of the uaCCC+ (uaCCC plus) long-term credit rating to the registered passive (special) bonds (A, B series) issued by the Simferopil-based LLC "Nord-service-shipping" for the amount of UAH 22 mln. with the 3-year maturity. The investment and construction is the main company's activity. Today the company conducts construction of 2 residential houses based in the city of Simferopil. During the analysis the "Credit-Rating" agency used Issuer's 2002-2005 and 1H 2006 financial reports, as well as other inside information furnished by the company.
The uaCCC issue rating exhibits the possibility of default on the present obligation in the Ukrainian financial market environment. The timely and full payments on debt liabilities are substantially dependant on favourable business, financial and economic conditions. "Plus" denotes ratings relative status within major categories.
Factors supporting the credit rating
- Availability of all permitting documentation on the construction project, which will be financed by the funds obtained from bonds' placement
- The Issuer funds the residential construction in the city of Simferopil, where the real estate prices have been growing over the past years.
Factors constraining the credit rating
- The Issuer does not have experience in implementation of investment and construction projects and in bonds' retirement by providing premises to their owners
- The implementation of the project to be funded by funds obtained from bonds' placement is currently on the initial stage.
- Volatility in legislation and taxation on operations connected with the construction activity, and with attracting of funding.
Information on all the credit ratings assigned in accordance with the Ukrainian national scale can be 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
