IBI-Rating announces long-term credit ratings on target covered bonds for JSC «Energopol Ukraine» Series A-3 Z- 3 and series A- X at uaBBB, «stable»

SC «Energopol - Ukraine» is acting in the property market in Kyiv, parameters of which are higher than other regions of Ukraine. This issuer has significant experience in implementing projects in the field of industrial construction (since 1991 the Issuer built/renovated about 20 objects).

At present JSC «Energopol - Ukraine» performs construction of large-scale residential complex «Ministerial» (Kyiv) with a total area of over 280 thousand square meters. In July of 2012 the phase of the complex was put into operation. The volume of investment in construction of the second phase of LC «Ministerial» as of 06.30.2013 is in amounts to 167 million UAH without VAT (50% of the estimated cost). Construction of the third phase of LC «Ministerial», which issued trust bonds series A 3 -Z 3 for financing, is at an early stage. Availability of liabilities in foreign currency exposes the Issuer to currency risks. Also, rating agency notes the information openness and transparency of JSC “Energopol Ukraine».

The following may affect positively on the credit rating of a debt instrument: reducing industrial risks and improving macroeconomic situation in the country. Negatively on the credit rating of a debt instrument may affect: untimely financing and construction delays, adverse economic changes in the country.

Analytical study of creditworthiness has benefited from received data from JSC “Energopol - Ukraine», including: financial statements of the Issuer for 2010-2012 and 6 months, 2013 parameters of target bonds series A 3 -Z- 3, permits and other necessary internal information and information from publicly available sources that IBI Rating considers reliable.