IBI-Rating, an independent authorized rating agency, announces reaffirmed long-term credit rating of target secured bondsA-Z series of Private JSC Energopol Ukraine at uaBBB with stable forecast
Reaffirmed credit rating of the debt instrument (RDI) of PrJSC Energopol Ukraine is due to persistence in 2012 of key factors previously pointed out by IBI-Rating. The issuer operates in the Kyiv realty market, whose development indicators are higher than elsewhere in Ukraine. PrJSC Energopol-Ukraine is part of the powerful Polish construction concern "PBG S.A." with extensive experience in implementing projects in the field of industrial engineering (since 1991 the Issuer built / rebuilt about 20 objects). Construction preparedness of stage II of Ministerskyi residential complex (total area of the development stage is 74 730.7 sq. m.), for whose financing target bonds were issued, at 31.12.2012 was 15% (+5 for the IV quarter of 2012). The issuer is exposed to currency risk due to commitments received in foreign currency. Also, IBI-Rating marks PrJSC Energopol Ukraine’s information openness and transparency.
The rating agency believes the following may maintain the credit rating: decrease in industry risks and improved macroeconomic situation in the country. Factors constraining the RDI: delays in financing and construction schedule, adverse economic changes in the country.
Analytical study used the data from PrJSC Energopol Ukraine, including the Issuer’s financial statements for 2012, the Guarantor's (PJSC "PBG Ukraine") financial statements for 2012, approvals and other necessary inside information, as well as information from open sources considered reliable by the rating agency.
