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

05.04.2016
Rating agency IBI-Rating informs on the affirmation of the credit rating of registered housing secured bonds of S Series of MZHK «Internationalist» PJSC at uaBBB- grade, with a change of the rating outlook from «stable» to «positive». The change in the rating grade outlook has been due to the available experience in construction of residential real estate of project participants, current status of the construction, as well as the location of object.

Target bonds of S series were issued to finance the construction of apartment building N 36 in the microdistrict of MZHK «Internationalist» in Tsyrkuny village of Kharkiv district in Kharkiv region. The land plot, which is under construction, is in perpetuity of MZHK «Internationalist» PJSC. As at 31.12.2015, the volume of construction financing of the apartment building N 36 in the microdistrict MZHK «Internationalist» amounted to UAH 15,1 mln. During the period under review, the construction of the apartment building N 36 was carried out in compliance with the schedule. As at December 2015, the installation of floor slabs over the third floor of the building and construction of exterior walls of the fourth floor of the first entrance were completed. As estimated by MZHK «Internationalist» PJSC, as at the end of December 2015, the building construction completion accounted for 38%. 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 carry out the analytical research the materials obtained from MZHK «Internationalist» PJSC were used, including: the Issuer’s financial statements for 2013-2015, reference information on activities of MZHK «Internationalist» 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