print
22.01.2007
Credit rating assigned to bond issue by «Stroitelnaya firma» LLC upgraded to uaA
"Credit-Rating", a nationally-recognized credit rating agency in Ukraine has today upgraded (from uaBB to uaA ) long-term credit rating assigned to issue of registered coupon bonds (A series) by Odessa-based "Stroitelnaya firma" LLC ("the Issuer" or "the company") for the amount of UAH 8m with the 5-year original maturity. The main company`s activity is construction. Today the company constructs 4 residential buildings in the city of Odessa. To revise the rating the agency used Issuer`s financial statement for 9 months of 2006 as well as other inside information furnished by the company.
The uaA issue rating reflects strong capacity of an obligor to pay the issue given, it may, though, be more vulnerable to adverse changes in economic, financial and business conditions than debt liabilities rated uaAA and uaAAA.
To upgrade the rating the agency took into consideration the following factors: Issuer`s dynamic development over the whole period of its operation, specifically the revenues has grown 54x over the past 4 years (to UAH 145m), net profit grew 5x (to UAH 0.83m), assets grew 62x (to UAH 55m); the Issuer has experience of contractor and of general contractor having implemented 19 reconstruction and construction projects over the past 5 years. The Issuer is incorporated into the group of companies, which provides the Issuer with stable demand for its services. Moreover, the Issuer has concluded an agreement of guarantee with "Imexbank" JSCB (rated uaA on 10 Oct. 2006) from 5 Sep. 2006 on the planned bond issue. At the same time the agency takes into account risks incurred by funds` redistribution within the group of companies, and negative net working capital over the past 3 years, which makes the company dependant upon borrowed funds.
Information on all the credit ratings assigned in accordance with the Ukrainian national scale may 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
