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12.02.2007
Bond issue by «Apollo-H» LLC assigned uaCCC credit rating
"Credit-Rating", a nationally-recognized credit rating agency in Ukraine has today announced the assignment of the uaCCC long-term credit rating to the issue of registered housing bonds (A, B series) by "Apollo-H" LLC (city of Yuzhnoukrainsk, Nikolaev oblast) for the amount ofUAH 17m with the 10-year original maturity. The main company`s activity is investment and construction. Today the company constructs a residential building in the city of Yuzhnoukrainsk. In the course of analysis "Credit-Rating" agency used Issuer`s financial statements for 9M2006 as well as other inside information furnished by the company.
The uaCCC issue rating reflects a default possibility, which may be faced in the Ukrainian financial market environment. The timely and full payments on debt liabilities are substantially dependent upon favourable business, financial and economic conditions.
Factors supporting the credit rating
Factors constraining the credit rating
- The Issuer does not have experience in investment and construction projects, neither in bonds` redemption.
- The construction of the building to be financed by the funds` raised form the bonds` placement is currently on the initial stage.
- Proprietary rights for a construction site and a building being constructed are pawned by the bank`s credit.
- The planned issue size 28.4x exceeds the Issuer`s assets as of 30 Sep. 2006.
- Volatility in legislation and taxation on operations connected with construction and with attraction of funding.
Information on all the credit ratings assigned in accordance with the Ukrainian national scale may be found 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
