Credit-Rating CEO’s address to clients

18.03.2011

Dear clients, partners, and users of Credit-Rating’s products!

I address you in connection with the outstanding events of recent days relating to legislative aspects of Credit-Rating’s activities.

The provision of rating services is not a licensed type of activity, and the status of authorized rating agency granted by the State Commission for Securities and Stock Market of Ukraine enables to assign ratings which are mandatory by the legislation. Credit-Rating continues to perform its functions and to meet its contractual commitments.

Credit-Rating has challenged in a judicial procedure the Commission’s decision on deprival Credit-Rating of the status of authorized rating agency, as illegal and adopted with severe violations of substantial and procedural laws. Our intention is to get the Commission’s decision cancelled within the shortest period. The results of the proceedings will be immediately reported to all the parties concerned.

We would also like to inform that irrespectively of the results of the proceedings:

• all of the ratings previously assigned by Credit-Rating remain valid and may be used by both the agency’s clients and investors, including the insurance company for the purpose of forming insurance provisions pursuant to effective legislation of Ukraine;
• Credit-Rating continues to perform scheduled revision of all of the ratings assigned as well as assigning new ratings which are not legislatively mandatory;
• the assigning of new issue ratings has been temporarily suspended until the Commission’s clarification of mandatory nature of assigning the ratings is obtained (previous decisions of the Commission sought abolishment of mandatory ratings for bond issues).

We would like to express our sincere thanks for the support rendered by our clients, associations of market participants, and users of our products. We are sure that the confidence in our ratings is based upon Credit-Rating’s reputation as independent and impartial provider of high-quality analytical information to the Ukraine’s financial market. We should also note that the presence of the status of authorized rating agency has no substantial impact on our capacity to produce ratings that enjoy demand from the market.

Information on all credit ratings assigned in accordance with the National Rating Scale may be found in THOMSON REUTERS and BLOOMBERG information systems.

For more information, please contact:
Department of Information and Communications 
Sergey Rozumyak +38044490 25 50 
SRozumyak@credit-rating.com.ua 
Denis Rudenko
DRudenko@credit-rating.ua