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23.01.2007
Credit rating assigned to bond issue by «Service centre «Tchernomorets» LLC upgraded to uaA
"Credit-Rating", a nationally-recognized credit rating agency in Ukraine has today upgraded the uaA long-term credit rating assigned to bonds issued by Odessa-based "Service centre "Tchernomorets" LLC ("the Issuer" or "the company") for the amount of UAH 5m with the 5-year original maturity. The main company`s activity is mediatorial trade operations and lease of own commercial premises in a trade centre. Today the company finances projects of purchase, reconstruction and construction of trade, storage, service and parking complexes in the city of Odessa. To revise the rating the agency used Issuer`s financial statement for 9 months 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.
In the course of rating`s upgrade procedure the following factors were taken into consideration: growth in Issuer`s revenues gained from movable and immovable property`s leasing, specifically the revenues has grown from UAH 0.85m to UAH 17.5m over the past 5 years. Moreover, the Issuer has concluded an agreement of guarantee with "Imexbank" JSCB (rated uaA on 10 Oct. 2006) on the planned bond issue. Nevertheless the agency takes into account risks incurred by funds` redistribution within the group of companies incorporating the Issuer, and that fact that total Issuer`s liabilities amounted to 92% of the asset balance as of 31 March 2006.
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
