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IBI-Rating has affirmed the credit rating of S series bonds of MGK «Internationalist» PJSC

16.06.2016
Rating agency IBI-Rating informs on affirming of the credit rating of the registered housing secured bonds of S Series of «Internationalist MGK» PJSC at uaBBB- grade with a «positive» outlook.

Target bonds of S series were issued to finance the construction of the apartment building N 36 in the microdistrict of «Internationalist MGK» in Tsyrkuny village of Kharkiv district in Kharkiv region. The land plot, which is under construction, is in perpetuity of «Internationalist MGK» PJSC. The volume of construction financing of the apartment building N 36 in the microdistrict «Internationalist MGK» PJSC amounted to UAH 17.1 mln. as at 31.03.2016. During the period under review, the construction of the apartment building N 36 was carried out in compliance with the schedule. As estimated by experts of «Internationalist MGK» PJSC, as at 31.03.2016, the building construction completion accounted for 44%, increase for 1Q 2016 amounted to 6 p.p. The construction works are scheduled to be completed in December 2016. The Issuer has significant experience in implementing investment and construction projects and transfer of premises for housing bonds.

A positive impact on the credit rating grade may have, as follows: exceeding 50% of the apartment building N 36 construction completion given compliance with the schedule / construction ahead of schedule. A negative impact on the credit rating grade may have, as follows: delayed funding and significant lagging behind the construction schedule, deterioration of the political and economic situation in the country.

In order to perform the analytical research the materials provided by «Internationalist MGK» PJSC were used, including: the Issuer’s financial statements for 2013-2015 and 3 months of 2016, reference information on activities of «Internationalist MGK» PJSC, the information on the issue of S series bonds, other necessary internal information, as well as the information from the public sources, which the rating agency considers reliable.

Corporate department
For more information please contact:
Press service of IBI-Rating
(044) 362-90-84
press(at)ibi.com.ua