Financial news

Ratings review for 09.10.2007.

RA "Credit-Rating" awarded to the planned issue of bonds of OJSC "Stroykomplex" of series "A" — "D" the credit rating "uaВВ+"

Kyiv ("Credit-Rating"), 09 October 2007 an independent rating agency "Credit Rating" announced about awarding of long-term credit rating «uaВВ+» to the planned issue of named aimed bonds (series "A" — "D") of OJSC "Stroykomplex" (Yevpatoria) at the amount of UAH 28,3 mln., for the term of circulation 1 year. Investment-construction activity is the main direction of the company's activity. Nowadays OJSC "Stroykomplex" is realizing the project of construction of dwelling houses complex in Yevpatoria (AR Crimea). In the course of analysis the agency used a financial accountability of OJSC "Stroykomplex" for 2002-2006 and I half-year of 2007 and also internal information provided by representatives of issuer in the course of the rating process.

The borrower or an individual debt instrument with the rating «uaBB+» is characterized by solvency below sufficient in comparison with other Ukrainian borrowers or debt instruments. High dependence of кредитоспособности level from the influence of unfavourable commercial, financial and economic conditions. The signs «+» and «— » mean an intermediary rating level inside the main level.

Factors supporting credit rating level:

• The issuer possesses the experience of investment-construction projects realization: during 2002-2006 and first half a year of 2007 it constructed 32 facilities of dwelling, commercial and recreational destination, including 19 dwelling houses with total area 62 thous. sq. m.;
• redemption of the planned issue of aimed bonds will take place in the way of conveyance to their owner of premises in dwelling houses complex consisting of 8 sections for 108 flats of enhanced planning with embedded nonresidential premises destinied for stores and offices at the cross of the Moskovskaya street and Lenina avenue and Yevpatoriya of AR Crimea, its rate of construction completeness of the I stage as of the end of July made up 98%, II stage — 25-30%;
• the issuer possesses production мощностей, allowing to serve the construction process at all its stages;
• the issuer performs activity connected with construction of dwelling objects in a resort area of AR Crimea. Cost and demand for them is increasing in the last years.
• Factors restricting credit rating level:
• there is no experience of bonds redemption in the way of premises submission to their owners;
• bonds issue (UAH 28,3 mln.) on 43% exceeds the issuer's balance currency (UAH 19,8 mln.) and 14 times the amount of equity (UAH 1,9 mln.) as of 30.06.2007;
• unprofitable activity of the company according to the results of 2002 — 2006 and І half of 2007, as of 30.06.2007 the uncovered loss made up (-) UAH 13,3 mln;
• unsettlement and changeability of the system of legislative regulation and налогообложения of operations connected with construction and attraction of finances.

"Invest-Credit bank" was awarded a credit rating "uaВВВ-"

An independent rating agency "Credit-Rating" announced about awarding of long-term credit rating «uaВВВ»— CJSC "Invest-Credit bank" (Kryvy Rih). The agency also awarded a long-term credit rating «uaВВВ»— to the planned issue of named interest bonds (series "A") to CJSC "Invest-Credit bank" at the amount of UAH 20 mln. having circulation term 3 years.

UNIAN was informed about this at the agency.

In the course of the analysis the agency used a financial accountability of CJSC "Invest-Credit bank" for 2002-2006 and I half of 2007 and also an internal information provided by the bank during rating process.

The borrower or an individual debt instrument with the rating «uaBBB» is characterized by sufficient solvency in comparison with other Ukrainian borrowers or debt instruments. Solvency level depends from influence of unfavorable commercial, financial and economic conditions. The signs «+» и «— » mean an intermediary rating level inside the main level.

Factors, supporting credit rating level: positive dynamics of the bank development on the main balance indexes for the last years, in particular, since the beginning of 2003 net assets of the bank increased 9,5 times, by UAH 183,38 mln., credit-investment portfolio increased 10,7 times by UAH 166,07 mln., balance capital of the bank for the indicated period increased 4,7 times by UAH 48,24 mln.

Factors, restricting credit rating level: significant concentration of credit portfolio that can negatively influence on profitability indexes if problems appear even with an insignificant part of credits; weak development of own regional network, and also insignificant clients' quantity that under condition of further increase of big system banks at financial market of Ukraine significantly complicates strategic tasks realization.

Source: Information agency Сbonds