Print

IBI-Rating has affirmed the credit rating of bonds "Energopol Ukraine" PJSC at uaBBB grade

19.10.2015
IBI-Rating informs on affirming of the long-term credit rating of the target secured bonds Series A-3 - P-3, S-3, X-3 of "Energopol-Ukraine" PJSC at uaBBB grade, with a change in outlook from "stable" to "negative" and inclusion on the Rating Watch List.

"Energopol-Ukraine" PJSC operates in the real estate market in Kiev, whose development indicators are higher than other regions of Ukraine. At the same time, the Issuer has significant experience in implementing projects in industrial construction (the Issuer has constructed / reconstructed 20 objects since 1991). At present, "Energopol-Ukraine" PJSC is implementing the construction project of "Ministersky" Residential Complex (the city of Kiev) of the total area of 280 thousand sq. m. In July 2012 Phase I of the Complex was commissioned, and Phase II of the Complex was commissioned in November 2013. The change in the outlook of the credit rating of bonds and its inclusion on the Rating Watch List is the result of the deviation from the initial construction schedule of Phase III of the "Ministersky" Residential Complex, for the financing of which target bonds maturing 29.12.2015 were issued. At the end of June 2015, the following activities were underway at Phase III of "Ministersky" Residential Complex: monolithic works and brickwork were completed; installation of metaloplastic windows and ventilated facade continued; internal, engineering and decoration works on all the sections of the building were being carried out. The construction completion, as estimated by "Energopol-Ukraine" PJSC, exceeded 70% as at 06.30.2015. In January-June 2015 funding amounted to UAH 123 million. As at 06.30.2015, the total amount of funding amounted to UAH 395 million (accountting for 85% of the budget).

A positive impact on the credit rating may have the following: reduction of sectoral risks and improvement of the macroeconomic situation in the country. A negative impact on the credit rating may have the following: untimely financing 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 of creditworthiness level the materials provided by "Energopol-Ukraine" PJSC were used, including the Issuer's financial statements for the 2012-2014 and 6 monthsof 2015, parameters of the issue of A-3 - P-3, S-3, X-3 series target bonds and other essential internal information as well as the information from public sources, which the rating agency IBI Rating considers reliable.

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