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16.11.2006
The forthcoming bond issue by the PE «King`s Capital» assigned uaCC credit rating
"Credit-Rating", a nationally-recognized credit rating agency in Ukraine, has today announced the assignment of the uaCC long term credit rating to the forthcoming issue of the registered coupon bonds (A series) by the Kiev-based Private Enterprise "King`s Capital" ("the company" or "the Issuer") for the amount of UAH 2.5m with the 10-year original maturity. The main company`s activity is purchasing of land sites. Today the company is planning to purchase land in the borough of Fastiv (Kiev Oblast) for further construction of cottages. In the course of analysis the "Credit-Rating" agency used Issuer`s 1H 2006 financial reports as well as other inside information furnished by the company.
The uaCC issue rating reflects obligor`s HIGH POSSIBILITY OF NON-PAYMENT on obligations in the Ukrainian financial market environment.
Factors supporting the credit rating
- The Issuer is going to aim the funds obtained from the bonds` placement at the purchasing of land sites in the borough of Fastiv (Kiev Oblast) , where the land prices have been growing over the past few years.
Factors constraining the credit rating
- The Issuer was registered in March 2006 and has not been involved in the economic and financial activity, which complicates forecasting the company`s development for the period of bonds` maturity (to 14 Dec. 2016)
- The issue size 8.5x exceeds the Issuer`s balance value (as of 30 Sep. 2006)
Information on all the credit ratings assigned in accordance with the Ukrainian national scale can be found at 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
