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IBI-Rating has upgraded the credit rating of S series bonds of «MGK Internationalist» PrJSC

23.09.2016
Rating agency IBI-Rating informs on upgrading of the credit rating of registered housing secured bonds of S series of «MGK Internationalist» PrJSC from uaBBB- grade, with a «positive» outlook to uaBBB grade, with a «stable» outlook.

The upgrading of the long-term credit rating of the debt instrument is due to the progress of construction of the apartment building N 36 in the microdistrict of «MGK Internationalist» in Tsyrkuny village of Kharkiv district in Kharkiv region; the housing bonds of S series were issued with the aim of financing the construction thereof. Thus, at the end of June 2016, the construction completion of the object accounted for 63% (the increase for the І half-year amounted to 25 p.p.), the total capital investment volume amounted to over UAH 24 mln. The land plot, which is under construction, is in perpetual use of «MGK Internationalist» PrJSC. The construction works are scheduled to be completed in December 2016 . The Issuer has considerable experience in implementing investment and construction projects, as well as in transferring premises under housing bonds.

At present, IBI-Rating sees no preconditions for upgrading of the credit rating in the short term. A negative impact on the credit rating grade may have, as follows: delayed financing and significant lagging behind the construction schedule, which, for the time being, is not occurring.

In order to perform the analytical research, the materials provided by «MGK Internationalist» PrJSC have been used, including: the Issuer’s financial statements for 2013-2015 and 6 months of 2016, background information on activities of «MGK Internationalist» PrJSC, 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 credible.

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