print
29.01.2007
Credit rating assigned to bond issue by «Business centre «Primorye» LLC upgraded to uaA
"Credit-Rating", a nationally-recognized credit rating agency in Ukraine has today upgraded from uaB- (uaB minus) to uaA the long-term credit rating assigned to registered coupon bonds (of A series) issued by Odessa-based "Business centre "Primorye" LLC ("the Issuer" or "the company") for the amount of UAH 6m with the 5-year original maturity. The main company`s activity is renting of owned manufacturing-technical and cultural movable and immovable property. Today the company finances construction of a trade centre in the city of Odessa. To revise the rating the agency used Issuer`s financial statements for 9 months of 2006 as well as other inside information furnished by the company.
The uaA issue rating exhibits 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.
In the course of the rating`s upgrade procedure the agency took into account growth in Issuer`s revenues gained from renting movable and immovable property, specifically the revenues have grown from UAH 0.01m to UAH 2.99m over the past 4 years. The ongoing readiness of the project to be financed additionally by the money raised from the bond issue planned is 80%. Moreover, on 5 Sep. 2006 the Issuer has concluded an agreement of guarantee with the "Imexbank" JSCB (rated uaA on 10 Oct. 2006) on the bond issue planned. At the same time the agency takes into consideration risks which may be incurred under the funds` redistribution within the group of companies incorporating the Issuer, as well as the negative own capital over the past 5 years (amounting to UAH (-) 0.36m as of 31 March 2006) and low level of Issuer`s information openness.
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
