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26.10.2007
Credit-Rating upgrades Otdykh-Service`s bonds to uaBB-
Credit-Rating, a nationally recognized credit rating agency in Ukraine has today upgraded to uaBB- (uaBB minus) from uaB+ (uaB plus) the long-term credit rating assigned to UAH25m 2-year registered housing bonds (A series) issued by Feodosiya-based Otdykh-Service LLC (`Issuer` or `company`). The agency has also revised from positive to stable the outlook on the rating. The company`s primary activity is investment and construction. Today the company constructs a residential building in the city of Feodosiya. To revise the rating Credit-Rating considered Issuer`s financial statements for 2Q and full 1H2007 as well as other inside information furnished by the company.
An obligor or a debt liability with uaBB credit rating is characterized with the LOWER THAN SUFFICIENT creditworthiness as compared to other Ukrainian obligors or debt liabilities. This level of creditworthiness is strongly affected by adverse changes in commercial, financial and economic conditions. The plus (+) or minus (-) modifier denotes rating`s relative status within major categories.
`Stable` outlook indicates that there are no anticipated reasons to change the rating in the course of the year.
In the course of the rating`s revision procedure Credit-Rating took into account that the Issuer has obtained construction permission #17 of July 6, 2007. The Issuer is a customer of construction in 12, Veresayeva str., the city of Feodosiya, which the bonds of A series for UAH25m are issued to finance.
Information on all credit ratings assigned in accordance with the Ukrainian national scale may be found in REUTERS, BLOOMBERG and FTN MONITOR information systems.
For further information, please contact:
Information and analytic department
Sergey Rozumyak +38 044 490 25 50
SRozumyak@credit-rating.com.ua
