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19.04.2007
Credit rating assigned to bond issue by Direction of Office Buildings upgraded to uaB+
Credit-Rating, a nationally-recognized credit rating agency in Ukraine has today upgraded to uaB+ (uaB plus) from uaB the long term credit rating assigned to issue of registered housing bonds (C series) by Donetsk-based Direction of Office Buildings LLC (Issuer` or company`) for the amount of UAH 43.4m with the 5-year original maturity. The main company`s activity is investment and construction. Today the company constructs office and residential buildings in the city of Donetsk. To revise the rating Credit-Rating used Issuer`s financial statements for 4Q06 and 2006 full year, 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. The "+" and "-" modifiers denote rating`s relative status within major categories.
In the course of the rating`s upgrade procedure the following factors were taken into consideration: the Issuer as a Customer has set in operation 2 office buildings of 7.2K sq.m. total floor area, including the office building of 5.7K sq.m. in Krasnoarmeyskaya str., the city of Donetsk.
Information on all the credit ratings assigned in accordance with the Ukrainian national scale may be found in the REUTERS, BLOOMBERG and FTN MONITOR information systems.
For further information, please contact:
Information and analytic department
Sergey Rozumyak +38 044 490 25 50
SRozumyak@credit-rating.com.ua
