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02.04.2007
Rating assigned to bond issue by «Krymstroyinvest» upgraded to uaB
"Credit-Rating", a nationally-recognized credit rating agency in Ukraine has today upgraded to uaB from uaB- (uaB minus) the long term credit rating assigned to issue of registered housing bonds (A-C series) by Crimea-based "Krymstroyinvest" LLC ("the Issuer" or "the company") for the amount of UAH 15.2m with the 2-year original maturity. The main company`s activity is investment and construction. Today the company constructs a residential complex in Yalta (Autonomous Republic of Crimea). To revise the rating the agency used Issuer`s financial statements for 4Q2006 and full year 2006 as well as other inside information furnished by the company.
The uaB issue rating reflects higher default possibility than of the uaBB rating, though in this case the obligor`s capacity is adequate to pay its obligations in the Ukrainian financial market environment. This debt liability is more affected by the adverse changes in business, financial and economic conditions than debt liabilities with higher ratings. That may negatively affect the obligor`s capacity and willingness to fully and timely pay interest and principal on obligations.
In the course of the rating`s upgrade procedure the agency took into account the following factors: the Customer ("Yalita" CJSC with foreign investments) has concluded the 49-year rent agreement on the land plot hosting the construction object. Moreover, the construction of the case is already complete, with the finishing works being underway.
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
