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IBI-Rating has affirmed credit ratings of housing bonds «ABC «Renaissance» LLC

02.06.2016
Rating agency IBI-Rating informs on affirming of the long-term credit ratings of registered secured housing bonds of L-P та Q-V series of «ABC «Renaissance» LLC at uaBBB grade, with a «stable» outlook.

Housing bonds of L-P series were issued to finance the construction of a residential house pos. 3.1 RC «Nova mytnytsia» at Sergeant Zhuzhoma street in the city of Cherkassy. This residential house was commissioned in July 2015. Currently, the bonds of the mentioned series are in the process of early repayment. As at the end of March 2016, the construction completion degrees of houses of pos. 3.2 (financed with the funds generated from the placement of bonds of T-V series) and pos. 3.3 (Q-S series) increased by 97% and 76%, respectively. The increase in completion degree amounted to 24 percentage points for 6 months. The scheduled terms of the construction completion and commissioning of houses are Q2 – Q4 2016. The issuer has sufficient time between the scheduled commissioning of houses and repayment of housing bonds. The experience of «ABC «Renaissance» LLC in implementing investment and construction projects by housing bonds should be noted. In addition, the Subcontractor has considerable experience in the construction of real estate and also has its own production base and fleet of specialized construction equipment. The rating agency also notes the information openness and transparency of the Issuer.

IBI-Rating currently sees no factors, which may subsequently lead to upgrading of the credit ratings of the housing bonds. Downgrading of the credit ratings is possible in the event of default on repayment of bonds; substantial lagging behind the construction schedules of houses of pos. 3.2 and pos. 3.3, which does not occur at this stage.

In order to perform the analytical research the materials provided by «ABC «Renaissance»LLC were used, including: financial statements for 2013-2015 and 3 months of 2016, background information on activities of «ABC «Renaissance» LLC, information on the issue of bonds of L-P, Q-V series, other necessary internal information, as well as the information from the public sources, which the rating agency considers reliable.

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