IBI-Rating has updated the credit rating of housing bonds of «А.В.С.» LLC

IBI-Rating informs on affirming of the long-term credit rating of housing bonds of S-X Series of «A.B.C.» LLC at uaBBB grade with a «stable» outlook.

«A.B.C.» LLC continues the construction of the large-scale «Prestige Hall» RC in Kyiv city. Housing bonds, the object of the rating, were issued to finance the construction of the above-mentioned residential complex. The Issuer operates in the real estate market of Kyiv city, whose development indicators are higher as compared to other regions of Ukraine. «A.B.C.» LLC has experience in implementing investment and construction projects and transferring of premises through housing bonds. At present, 4 sections of «Prestige Hall» Residential and Office Complex have been put into operation. Additionally, it should be noted that «Prestige Hall» Residential and Office Complex is a large-scale project, which envisages construction of a modern premium class complex, of the total project area of 119.6 sq. m, for 663 apartments, as well as commercial premises and a two-level underground parkings.

The Ist and ІInd lines of the construction (sections 3, 5 and 8) of the Residential and Office Complex «Prestige Hall» were put into operation in March 2011 and in March 2012, respectively. The 2nd section of the ІІІrd line was put into operation in June 2013, the 1st section of the ІІІrd line and 4th section of the ІVth line are in the process of commissioning.

According to the results of 3 months of 2019, the Issuer's activities were profitable (UAH 10 million net profit), but a significant amount of uncovered loss as 03/31/2019 (UAH 658.4 million) leads to an exceptional dependence on borrowed capital. The Developer gets financial support from its main participant by means of a significant increase in the authorized capital. Thus, in the Q3 2016, the authorized capital of «A.B.C.» LLC increased by UAH 150 mln. - up to the amount of UAH 475 mln. of which UAH 6.7 mln. remained unpaid, as on 03/31/2019.

In order to conduct the analytical research the materials provided by «A.B.C.» LLC have been used, including: financial statements for 2016-2018 and 3 months of 2019, information on the issue of bonds, other necessary internal information, as well as the information from the public sources, which the Rating agency considers credible.

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