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IBI-Rating has updated the credit rating of LLC «AVERS-GROUP» bonds
04.04.2019IBI-Rating informs on upgrading of the long term credit rating of A-M series housing (unsecured) bonds of LLC «AVERS-GROUP» from uaBBB- grade to uaBBB grade with maintaining a «stable» outlook. These securities were issued to finance the construction of a 19-storey building with built-in non-residential premises at the construction address: Dnipro city, Sobornyi district, Shevchenko street, house 51 (RC «Katerynoslavskyi I»).
Construction of a residential complex is carried out in the presence of a full package of permits in the central part of the city, which should contribute to increased demand for real estate and reduce the risks of underfunding the project. The Issuer is a member of the «ALEF» group of companies - one of the leading participants in the real estate market of the Dnipro city. The developer and the general contractor of the project have experience in implementing investment and construction projects.
According to the Issuer, at the end of 2018, the construction readiness of the RC «Katerynoslavskyi I» in the Dnipro city, to financing of which housing A-M series bonds have been issued, is 42%. Completion of construction is scheduled for the fourth quarter of 2019, while the redemption period of the bonds take place on 30.12.2020-30.12.2021, which indicates the presence of a considerable time margin for redemption of securities.
It should be noted that as on the date of determining of the credit rating, the Issuer acts as a defendant in a lawsuit, the result of consideration of which may affect the implementation of a construction project and, respectively, complicate the fulfillment of obligations by housing bonds. At the time of updating of the credit rating by the decision of the Court of Cassation, the cassation complaint was left without granted, and the decision of the courts of the previous instances (on refusal to gratify the claim of the plaintiff) were left unchanged. The leveling of this risk led to an upgrading of the credit rating grade of housing bonds.
In order to conduct the analytical research the materials provided by LLC «AVERS-GROUP» have been used, including: the financial statements for 2016-2018, reference information about the activities of the enterprise, parameters of the issue of bonds, expectations of the IBI-Rating Agency, other necessary internal information, as well as the information from the public sources, which the Rating agency considers credible.
Corporate department
For more information please contact:
Press service of IBI-Rating
(044) 362-90-84
press(at)ibi.com.ua
Construction of a residential complex is carried out in the presence of a full package of permits in the central part of the city, which should contribute to increased demand for real estate and reduce the risks of underfunding the project. The Issuer is a member of the «ALEF» group of companies - one of the leading participants in the real estate market of the Dnipro city. The developer and the general contractor of the project have experience in implementing investment and construction projects.
According to the Issuer, at the end of 2018, the construction readiness of the RC «Katerynoslavskyi I» in the Dnipro city, to financing of which housing A-M series bonds have been issued, is 42%. Completion of construction is scheduled for the fourth quarter of 2019, while the redemption period of the bonds take place on 30.12.2020-30.12.2021, which indicates the presence of a considerable time margin for redemption of securities.
It should be noted that as on the date of determining of the credit rating, the Issuer acts as a defendant in a lawsuit, the result of consideration of which may affect the implementation of a construction project and, respectively, complicate the fulfillment of obligations by housing bonds. At the time of updating of the credit rating by the decision of the Court of Cassation, the cassation complaint was left without granted, and the decision of the courts of the previous instances (on refusal to gratify the claim of the plaintiff) were left unchanged. The leveling of this risk led to an upgrading of the credit rating grade of housing bonds.
In order to conduct the analytical research the materials provided by LLC «AVERS-GROUP» have been used, including: the financial statements for 2016-2018, reference information about the activities of the enterprise, parameters of the issue of bonds, expectations of the IBI-Rating Agency, other necessary internal information, as well as the information from the public sources, which the Rating agency considers credible.
Corporate department
For more information please contact:
Press service of IBI-Rating
(044) 362-90-84
press(at)ibi.com.ua