print 03.08.2009

Credit-Rating’s rating actions in July 2009

July saw 10 ratings assigned by Credit-Rating, 2 ratings have been upgraded, 6 ratings have been downgraded, outlooks on 8 ratings have been revised, 54 ratings have been suspended, and 5 ratings have been withdrawn.

SOVEREIGN RATING

July 31 Republic of Belarus: a long-term credit rating of byAA has been assigned to the state.

COUNTERPARTY RATINGS

Corporate sector

July 3 Reardi PE (Dnepropetrovsk): the company’s long-term credit rating has been affirmed at uaBB with negative outlook. The rating has been placed ob Rating Watch List.

July 15 International Airport Boryspil State Company (Kiev Oblast): a long-term credit rating of uaA+(pi) (based on public available information) with stable outlook has been assigned to the company.

July 17 Furshet CJSC (Kiev): the company’s long-term credit rating has been downgraded to uaA- from uaAA-. The outlook on the rating is negative.

July 22 Kharkov State Aircraft-Manufacturing Company (Kharkiv): the company’s long-term credit rating has been affirmed at uaCCC with stable outlook.

Financial sector

July 6 First Ukrainian International Bank CJSC (Donetsk): a long-term credit rating of uaBBB with stable outlook and the BDR of ‘4’ (high strength) have been assigned to the bank.

July 15 Zembank JSC (Kharkiv): the bank’s long-term credit rating has been downgraded to uaBBB- with negative outlook from uaBBB.

July 21 Ukrgasbank JSB (Kiev): the bank’s long-term credit rating has been affirmed at uaBBB with negative outlook. The rating remains on Rtaing Watch List.

ISSUE RATINGS

Corporate sector

July 2 Kyivmedpreparat OJSC (Kiev): the long-term credit rating assigned to company’s registered coupon bonds (series A) for the amount of UAH30m due Nov. 15. 2010 has been removed from Rating Watch List and retained at uaBB. The outlook on the rating has been changed to stable.

July 3 Reardi PE (Dnepropetrovsk): a long-term credit rating assigned to company’s registered coupon bonds (series A, B) for the amount of UAH30m has been affirmed at uaBB with negative outlook. The rating has been placed on Rating Watch List.

July 3 Alyans-Zhylbud LLC (Odessa): a long-term credit rating assigned to company’s registered housing bonds for the amount of UAH119.3m has been affirmed at uaBBB with negative outlook. The rating has been placed on Rating Watch List.

July 3 Alyans-Vysotbud LLC (Odessa): a long-term credit rating assigned to company’s registered housing bonds for the amount of UAH62.3m has been affirmed at uaBBB with negative outlook. The rating has been placed on Rating Watch List.

July 15 Financial and Construction Centre Sozidatel LLC (Dnepropetrovsk): a long-term credit rating assigned to company’s registered housing bonds (series A-G) for the amount of UAH144.9m has been affirmed at uaBBB+ with negative outlook.

July 15 Financial and Construction Centre Sozidatel LLC (Dnepropetrovsk): a long-term credit rating assigned to company’s registered housing bonds (series H) for the amount of UAH24.5m has been affirmed at uaBBB+ with negative outlook.

July 17 Furshet CJSC (Kiev): a long-term credit rating assigned to company’s registered coupon bonds (series E) for the amount of UAH200m with 3-year original maturity has been downgraded to uaA- from uaAA-. The outlook on the rating is negative.

July 21 Investment and Construction Group LLC (Kiev): a long-term credit rating of uaCCC with stable outlook has been assigned to company’s upcoming issue of registered housing bonds (series A) for the amount of UAH9.9m due Nov. 30, 2011.

July 22 Kharkov State Aircraft-Manufacturing Company (Kharkiv): the long-term credit rating assigned to company’s registered coupon bonds (series A-G) for the amount of UAH1.6bn due Aug. 9, 2015 has been downgraded to uaB with negative outlook from uaAA (provisional).

July 23 International Automotive Holding Atlant-M LLC (Kiev): the long-term credit rating assigned to registered coupon bonds (series A, B) for the amount of UAH100m with 3-year original maturity has been downgraded to uaBB with negative outlook from uaBBB-.

July 24 Kovalska Ferroconcrete Items Factory OJSC (Kiev): the long-term credit rating assigned to registered housing bonds (series D, E) for the amount of UAH36.8m due Dec. 31, 2009 has been upgraded to uaBBB with stable outlook from uaBBB-.

July 27 Budspetsservice LLC (Kiev): a short-term credit rating of uaK4 with stable outlook has been assigned to company’s upcoming issue of registered housing bonds (series T) for the amount of UAH4.7m due Jan. 20, 2010.

July 27 Budspetsservice LLC (Kiev): a long-term credit rating of uaBB with stable outlook has been assigned to company’s upcoming issue of registered housing bonds (series U, V) for the amount of UAH4.4m due March 20, 2010.

July 28 SVF KOLO LLC (Poltava): the long-term credit rating assigned to company’s registered housing bonds (series A, B) for the amount of UAH17.5m due Sep. 30, 2009 has been upgraded to uaBB with stable outlook from uaB+.

July 29 Nidan+ LLC (Kiev): the long-term credit rating assigned to company’s registered coupon bonds (series A, B) for the amount of UAH50m due May 30, 2011 has been downgraded to uaC with negative outlook from uaCCC.

Financial sector

July 9 Financial Group Strakhovi Tradytsiyi CJSC (Kiev): the long-term credit rating assigned to company’s registered coupon bonds (series A) for the amount of UAH15m due Sep. 16, 2010 has been downgraded uaB with negative outlook from uaBB.

July 15 Zembank JSC (Kharkiv): the long-term credit rating assigned to bank’s registered coupon bonds (series A) for the amount of UAH50m with 5-year original maturity has been downgraded to uaBBB- with negative outlook from uaBBB.

July 21 Ukrgasbank JSB (Kiev): the long-term credit rating assigned to bank’s bonds (series A-E) for the amount of UAH350m has been affirmed at uaBBB with negative outlook. The rating remains on Rating Watch List.

Credit-Rating agency has operated in the Ukrainian market since 2001 being committed to assignment of the national scale ratings. The agency has assigned 1061 ratings, specifically to 831 Ukrainian companies, 169 financial institutions and 60 municipalities and their debts, 1 corporate governance rating and 76 bank deposit ratings.

As of August 1, 2009 Credit-Rating maintains monitoring of 813 ratings, in fact 639 of corporate, 125 of financial and 49 of municipal sectors.

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

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