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09.11.2005
“uaССС” credit rating assigned to upcoming bond issue of «Merkuriy-Invest» Ltd
Today the independent rating agency announced the assignment of a long term «uaCCC» credit rating to the issue of registered convertible bonds of «Merkuriy-Invest » Ltd for 19,15 million UAH with circulation period from December 01, 2005 till January 01, 2008. Investment building is the major activity sphere of the company. In the process of analysis «Credit-Rating» agency has used a complete financial statement of the issuer, as well as internal information, given by the company.
Factors supporting the rating level:
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Growing demand for flats and premises in new buildings of Kharkiv city and the tendency to their price rising.
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The permission for building and assembly works on the project, which financing is carried out by bonds issue; existing experience of construction objects financing;
Factors restricting the rating level:
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Lack of experience in public fund borrowing for construction investment.
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By November 01, 2005, the project is on the beginning stage;
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Own capital negative value in 2004 and the first half of 2005, resulted from uncovered losses (which were (-) 0,5 million UAH as of June 30, 2005)
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Unsettled state of regulations and taxation of construction-related activities and public borrowings.
Information on the assigned credit ratings according to the Ukrainian national scale is available at the internet site of «Credit-Rating» company www.credit-rating.com.ua, as well as in informational systems of REUTERS and BLOOMBERG
Should you need more detailed information, please contact «Credit-Rating»
Kyiv (+38044 490 25 50, fax +38044 490 25 54)
