Credit-Rating Assigns Angram-Invest`s Upcoming Bond Issue uaB
OREANDA-NEWS. On 06 March 2008 Credit-Rating, a nationally recognized credit rating agency in Ukraine announced that it assigned a long-term credit rating of uaB to UAH25.1m 2-year registered housing bonds (A-C series) to be issued by Kharkiv-based Angram-Invest LLC (`Issuer` or `company`). The company`s principal activity is investing and construction. Today the company constructs a residential building located in the city of Yalta. In the course of analysis Credit-Rating considered Issuer`s financial statements for 2003-2006 and 9M2007 as well as other inside information furnished by the company.
An obligor or a debt liability with uaB credit rating is characterized with the LOW creditworthiness as compared to other Ukrainian obligors or debt liabilities. This level of creditworthiness is extremely susceptible to adverse changes in commercial, financial and economic conditions.
Factors maintaining the credit rating The construction of the residential building located 37, Sverdlova St., Yalta, which premises are to redeem the bond issue has been invested UAH1.9m or 8 percent of the project estimated cost as at beginning-2008. The company has also acquired a building worth UAH1.4m to be pulled down. Growth in real estate prices and demand on the southern coast of Crimea.
Factors constraining the credit rating The Issuer does not have experience in investment and construction projects, neither in housing bonds redemption. The size of the upcoming issue of UAH25.1m exceeds Issuer`s assets of UAH3.9m and equity of UAH3.7m as of Sep. 30, 2007. Instability in legislation and tax environment controlling both the construction industry and project financing.
Комментарии