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25.01.2007
Upcoming bond issue by «Ukrgasbank» Joint-Stock Bank OJSC assigned uaA credit rating
"Credit-Rating", a nationally-recognized credit rating agency in Ukraine has today announced the assignment of the uaA long-term credit rating to the upcoming issue of registered mortgage-backed bonds (of B series) by Kiev-based "Ukrgasbank" JSB OJSC ("the Issuer" or "the Bank") for the amount of UAH 50m with the 3-year original maturity. In the course of analysis the "Credit-Rating" agency used Issuer`s financial statements for 2001-2005 and 11 months of 2006 as well as other inside information furnished by the Bank.
The uaA issue rating reflects strong capacity of the obligor to pay the issue given, though, it may be more vulnerable to adverse changes in economic, financial and business conditions than debt liabilities rated uaAA and uaAAA.
Factors supporting the credit rating
- Bank`s commitments on mortgage-backed bonds are secured by mortgage securitization of UAH 56.6m as of 01 Dec. 2006. The mortgage-backed bonds` holders have a right of priority for mortgage securitization claim.
- The Issuer is a bank of the 2 nd group rated uaBBB+ (uaBBB plus) according to the National credit rating scale.
Factors constraining the credit rating
- The Bank does not have experience in issuing and servicing the mortgage-backed bonds in Ukraine, where procedures of the mortgage bonds` legal regulation is developed insufficiently.
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
