Credit-Rating confirms the rating of Odesa at uaАА-, determines investment attractiveness at uaINV5 (the highest level) Credit-Rating confirms the rating of Odesa at uaАА-

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Expert Opinion

19.11.2008

Credit-Rating downgrades ratings in agricultural sector

Credit-Rating has today announced that it downgraded credit ratings and revised rating outlooks of companies and their debt issues, which operate in agricultural sector.

The issue rating assigned to Insakharprom-K LLC`s bonds (series A) has been downgraded to uaBB from uaBBB-, the outlook remains negative. The issue rating assigned to Khelprom OJSC`s bonds (series D) has been downgraded to uaBBB from uaA-, the outlook remains negative. The outlook on uaBB rating assigned to AGRO PE`s bonds (series A) has been revised to negative from stable. The outlook on uaA rating assigned to Agroekoprodukt CJSC`s bonds (series A, B) has been revised to negative from stable. The outlook on uaBBB rating assigned to Galychyna CJSC`s bonds (series A-C) has been revised to negative from stable. The outlook on uaBB rating assigned to Korovai OJSC has been revised to negative from stable. The outlook on uaBB+ rating assigned to Nidan+ LLC`s bonds (series A) has been revised to stable from positive. The outlook on uaBBB rating assigned to Rise CJSC`s bonds (series A) has been revised to negative from stable. The outlook on uaA rating assigned to Shevchenko LLC`s bonds (series B) has been revised to negative from stable. The outlook on uaBBB rating assigned to Unimilk LLC`s bonds (series A-B) has been revised to negative from stable.

These rating actions have been prompted by expected decrease in their liquidity due to limited access to funding, and high probability of decline in demand for produce of the majority of the company`s represented in medium and high price segments.

Negative rating outlooks indicate that the ratings may be downgraded in the course of the year. Further ratings actions are contingent upon influence of the negative trends upon key figures of each of the companies.

Credit-Rating agency has operated in the Ukrainian market since 2001 being committed to assignment of the national scale ratings. The agency has assigned 949 ratings, specifically to 729 Ukrainian companies (including 29 companies of the Ukrainian agricultural sector), 163 financial institutions and 56 municipalities and their debts, and 1 corporate governance rating.

For more information, please contact:
Information and analytic department
Sergey Rozumyak +38 044 490 25 50
SRozumyak@credit-rating.com.ua

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