Nikolaev was late with issue of municipal bonds

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Nikolaev postponed issue of bonds for 50 million hryvnias due to the lack of demands of buyers. As Truth the deputy mayor of Nikolaev Valentina Bondarenko reported, any bank didn't place the order for service on monetary mediation for issue of municipal bonds on 50 million hryvnias in 2008.

In the developed crisis situation in the financial market of the country and the world, banks declared that 13%-Nye the rate for placement of bonds is unprofitable to them. Until the end of the year the situation hardly will change therefore according to Valentina Bondarenko, for consideration of city council it is planned to submit a question of cancellation of issue of bonds.

International rating agency Standard&Poor's allows fall of ratings of Kiev, Lviv, Dnepropetrovsk, Ivano - Frankovsk, Lugansk and the Autonomous Republic of Crimea and placed ratings of these regions in the CreditWatch list with the negative forecast after similar action concerning a sovereign rating of Ukraine. Standard&Poor's допукает also fall of a credit rating of Odessa.

We will remind that Nikolaev decided to issue bonds until the end of 2008. Placement of bonds was planned to carry out to 3 stages (series). The interest rate for use of a loan didn't provide more than 13% per annum according to market condition of the capital. Percent on bonds will be quarterly repaid on the conditions defined in contracts.

Earlier The Credit — the Rating rating agency (Kiev) appropriated to planned issue of bonds of the Nikolaev city council on 50 million hryvnias a long-term credit rating of uaBBB. Nikolaev has uaBBB rating.


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