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IBI-Rating has affirmed the credit ratings of Series S и R bonds of «MGK Internationalist»
07.10.2015IBI-Rating informs on the affirmation of the credit rating assigned to R series registered housing bonds secured by "MGK Internationalist" PJSC at uaBBB grade, with a "stable" outlook, and the affirmation of the credit rating assigned to S series registered secured housing bonds at uaBBB- grade, with a "stable" outlook.
The registered housing bonds bonds of Series R and S were issued to finance the construction of apartment buildings No 35 and No 36 in the district of "MGK Internationalist" in the village of Tsirkuny of Kharkov district in Kharkov oblast’. The land plot, which is under construction, is in permanent use of "MGK Internationalist" PJSC. The amount of financing of the construction of the apartment building No 35 in the district of “MGK Internationalist” PJSC as at 30.06.2015 amounted to UAH 37.2 million, accounting for 95% of the estimated cost. In July 2015 the apartment building No 35 was commissioned. As at June 2015 at the construction of the apartment building No 36 in the district of "MGK Internationalist" floor slabs had been installed over the first floor in the second and third entrances; bricklaying of internal partitions and the lift shaft works were being carried out in the first entrance; funding as at 30.06.2015 amounted to UAH 8.27 million (accounting for 21.2% of the estimated cost). The completion of construction works is scheduled for December 2016. The Issuer has significant experience in implementing investment and construction projects and the transfer of the premises for housing bonds. Also, IBI-Rating notes the information openness and transparency of the Issuer.
A positive impact on the credit rating grade may have the following: progress of the construction of the apartment building No 36 exceeding 50%, provided the construction is completed within or ahead of the construction schedule, reduced industrial risks, as well as the improved economic situation in the country. A negative impact on the credit rating grade may have the following: late financing and the construction lagging behind the schedule, deterioration of the political and economic situation in the country.
In order to carry out the analytical research the materials provided by MGK "Internationalist" were used, including the Issuer's financial statements for the 2012-2014 and 6 months of 2015, information on the activities of MGK "Internationalist" PJSC, information about the bond issue of R and S series, 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
The registered housing bonds bonds of Series R and S were issued to finance the construction of apartment buildings No 35 and No 36 in the district of "MGK Internationalist" in the village of Tsirkuny of Kharkov district in Kharkov oblast’. The land plot, which is under construction, is in permanent use of "MGK Internationalist" PJSC. The amount of financing of the construction of the apartment building No 35 in the district of “MGK Internationalist” PJSC as at 30.06.2015 amounted to UAH 37.2 million, accounting for 95% of the estimated cost. In July 2015 the apartment building No 35 was commissioned. As at June 2015 at the construction of the apartment building No 36 in the district of "MGK Internationalist" floor slabs had been installed over the first floor in the second and third entrances; bricklaying of internal partitions and the lift shaft works were being carried out in the first entrance; funding as at 30.06.2015 amounted to UAH 8.27 million (accounting for 21.2% of the estimated cost). The completion of construction works is scheduled for December 2016. The Issuer has significant experience in implementing investment and construction projects and the transfer of the premises for housing bonds. Also, IBI-Rating notes the information openness and transparency of the Issuer.
A positive impact on the credit rating grade may have the following: progress of the construction of the apartment building No 36 exceeding 50%, provided the construction is completed within or ahead of the construction schedule, reduced industrial risks, as well as the improved economic situation in the country. A negative impact on the credit rating grade may have the following: late financing and the construction lagging behind the schedule, deterioration of the political and economic situation in the country.
In order to carry out the analytical research the materials provided by MGK "Internationalist" were used, including the Issuer's financial statements for the 2012-2014 and 6 months of 2015, information on the activities of MGK "Internationalist" PJSC, information about the bond issue of R and S series, 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