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IBI-Rating has affirmed the long-term credit rating of target bonds of «А.В.С.» LLC at uaBBB grade

22.10.2015
IBI-Rating informs on affirming the long-term credit rating of J, K, M, P series of target bonds of "A.B.C." LLC at uaBBB grade, with a "stable" outlook.

The affirmed credit rating is due to the preservation of the key factors that were previously noted IBI-Rating. "A.B.C." LLC continues the construction of the large-scale residential complex "Prestige Hall" in the city of Kiev, for the financing of which the target bonds, that are subject to rating, were issued. CB "Privatbank" PJSC is the guarantor of the construction funding. The Issuer operates in the real estate market in the city of Kiev, whose development indicators are higher than in other regions of Ukraine. "A.B.C." LLC has the experience in implementation of investment and construction projects and the transfer of premises for target bonds. Additionally, the scale of the project of "Prestige Hall" residential and office complex should be noted, which envisages the construction of a modern premium class complex of a total project area of 119 572.2 sq. m, designed for 663 apartments of the project area of 67 031 sq. m, as well as commercial premises of the area of 7972 sq. m and a two-level underground parking for 650 parking places. The I-st and II-nd stages of construction (sections 3, 5 and 8) of "Prestige Hall" residential and office complex were commissioned in March 2011 and March 2012, respectively. Section 2 of the IIIrd Stage was commissioned in June 2013, commissioning of Section 1 of the IIIrd Stage is scheduled for the IVth quarter of 2015. The construction of the IVth stage (sections 4, 6, 7) is on-going, its commissioning is scheduled for 2016-2017 (depending on the section).

A positive impact on the credit rating of the bonds may have the following: reduced sectoral risks and improved macroeconomic situation in the country. A negative impact on the credit rating of the bonds may have the following: the guarantor’s recall of its guarantees, significant lagging behind the construction schedule and delays in financing, deterioration of the political and economic situation in the country.

In order to carry out the analytical research the materials provided by "A.B.C." LLC were used, including the financial statements for 2012-2014 and 6 months of 2015, information on the bond issue, other necessary internal information as well as the information from 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