Reliability of new issues, according to the rating agency, is slightly higher compared to the I half of 2007. In January-June 2008, 19% of the total assigned ratings are investment grade. In the same period last year, the figure was 14%.
A slight improvement of the quality issues due to the appearance among the issuers of such investors, LLC Terms-Budinvest, commercial and industrial transnational corporation "potter" Corporation "Golden Gate" and others again on the loan market were such major developers as LLC Eksko Plus Ltd., Integra-Holding, ZAO "Planeta-Bud."
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However, the share of investment ratings in the construction sector is the lowest compared with other sectors of the economy and the overall downward trend previously assigned credit ratings to indicate the continuing deterioration of the reliability of debt instruments of construction companies.
Thus, in the construction sector in the I half of 2008 were lowered 9 credit rating, 6 forecasts changed from stable to negative, and no one - to "positive." In January-June 2007, these figures were much better: there were no reductions in the levels of credit ratings and was not put to any "negative" outlook.
The main reason for the changes in the current year - a delay with the terms of the introduction of properties in operation and, accordingly, the probability of delayed implementation of the commitments assumed by the bond issuers. According to Deputy Director General of "Credit Rating" Gregory Pererva, in the I half of 2008 to 70% of issuers target bonds with credit ratings, revised the construction schedule.
Emerging trends confirm previous predictions agencies about possible deterioration in the construction industry. Currently, the "Credit Rating" in-depth analysis of the situation in the construction sector, the relationship with events happening in other industries, as well as their implications for the medium term.