print 02.06.2008

Credit-Rating`s rating actions in May 2008

May 2008 saw 15 ratings assigned by Credit-Ratings, 8 rating outlooks have been revised, 1 rating has been suspended, 2 ratings have been downgraded, and 7 ratings have been withdrawn.

ISSUER RATINGS

Corporate sector

May 12 Lutsk-based Lutsk Automobile Plant OJSC: a long-term credit rating has been upgraded to uaBBB+ from uaBBB, with the outlook on the rating revised to stable.

ISSUE RATINGS

Municipal sector

May 19 Donetsk city council: a long-term investment grade rating of uaAA has been assigned to upcoming issue of unregistered coupon bonds (series D) for the amount of UAH80m due in 2013.

May 23 Kharkiv city council: a long-term investment grade rating of uaA has been assigned to upcoming issue of coupon bonds for the amount of UAH505m, with 5-year original maturity.

Corporate sector

May 5 Rivne-based UkrTechnoFos LLC: a long-term investment grade rating of uaBBB- has been assigned to upcoming issue of registered coupon bonds (series D) for the amount of UAH50m, with 3-year original maturity.

May 6 Zaporizhzhia-based Trade and Industrial Transnational Corporation Keramist: a long-term investment grade rating of uaBBB- has been assigned to upcoming issue of registered housing bonds (series A, B) for the amount of UAH48.4m, with 10-year original maturity.

May 6 Kiev-based Svit Elektroniky CJSC: a long-term credit rating assigned to registered coupon bonds for the amount of UAH20m (series A, B) with 3-year original maturity has been upgraded to uaBB+ from uaBB.

May 7 Kiev-based Bears-Logistic Sbsd.: a long-term speculative grade rating of uaB has been assigned to upcoming issue of registered coupon bonds (series A) for the amount of UAH12.5m, with 4-year original maturity.

May 7 Odessa-based OLIMPEKS TRANS LLC: a long-term credit rating assigned to registered housing bonds for the amount of UAH105m (series A-C) due on Jan. 2, 2009 has been downgraded to uaB from uaBB+.

May 8 Kiev-based Rise CJSC: a long-term investment grade rating of uaBBB has been assigned to registered coupon bonds (series A) for the amount of UAH100m, with 3-year original maturity.

May 12 Kiev-based Arkada JSCB: a short-term investment grade rating of uaK2 has been assigned to upcoming issue of Nova Bogdanivka-3 FREO certificates (series A, B) for the amount of UAH53.7m due Sep. 7, 2009.

May 12 Lutsk-based Lutsk Automobile Plant OJSC: a long-term credit rating assigned to registered coupon bonds (series A) for the amount of UAH130m, with 3-year original maturity has been upgraded to uaBBB+ from uaBBB, with the outlook on the rating revised to stable.

May 13 Odessa-based Grani LLC: a long-term speculative grade rating of uaBB- has been assigned to upcoming issue of registered housing bonds (series A, B) for the amount of UAH50.3m, with 1 ½-year original maturity.

May 14 Ternopil-based TF Budivelnyk PV: a long-term speculative grade rating has been assigned to upcoming issue of unregistered discount bonds (series B) for the amount of UAH110m, with 5-year original maturity.

May 14 Kiev-based B.R.K. LLC: a long-term speculative grade rating of uaCC has been assigned to registered coupon bonds (series A-W) for the amount of UAH254.03m due Dec. 31, 2016.

May 15 Kharkiv-based SU-15 LLC: a long-term speculative grade rating of uaBB has been assigned to registered housing bonds (series A) for the amount of UAH41.8m, with 2-year original maturity.

May 15 Sevastopil-based Talassa PV: a long-term speculative grade raing of uaCCC has been assigned to upcoming issue of registered discount bonds (series A-AB) for the amount of UAH475.1m due Apr. 30, 2013.

May 16 Zaporizhzhia Oblast-based Image Holding Sbsd.: a long-term investment grade rating of uaA has been assigned to upcoming issue of registered coupon bonds (series D) for the amount of UAH50m, with 4-year original maturity.

May 16 Kharkiv-based Taia LLC: a long-term speculative grade rating of uaB- has been assigned to issue of registered housing bonds (series A) for the amount of UAH34.4m, with 2-year original maturity.

May 19 Yalta-based KRYMZHYLSPETSBUD LLC: a long-term speculative grade rating of uaB- has been assigned to upcoming issue of registered discount bonds (series A) for the amount of UAH150m, with 5-year original maturity.

May 20 Ivano-Frankivsk-based TS Favorit LLC: a long-term speculative grade rating of uaBB has been assigned to upcoming issue of registered coupon bonds (series B) for the amount of UAH200m, with 5-year original maturity.

May 23 Kiev-based Kyivska Nerukhomist: a long-term speculative grade rating of uaCCC has been assigned to upcoming issue of registered housing bonds (series H-K) for the amount of UAH88.1m, with 3-year original maturity.

May 26 Kiev-based EKSKO PLUS LLC: a long-term investment grade rating of uaAAA has been assigned to upcoming issue of registered housing bonds (series N-AM) for the amount of UAH434.8 with original maturity of 3 to 7 ½-years.

May 27 Cherkassy Oblast-based Ukragro NPK CJSC: a long-term investment grade rating of uaBBB- has been assigned to issue of registered coupon bonds (series B) for the amount of UAH75m, with 5-year original maturity.

May 28 Kiev-based Karavan LLC: a long-term investment grade rating of uaBBB+ has been assigned to upcoming issue of registered coupon bonds (series C) for the amount of UAH130m, with 3-year original maturity.

May 29 Yalta-based Kryminveststroy-SM LLC: a short-term speculative grade rating of uaK4 has been assigned to upcoming issue of registered housing bonds (series A) for the amount of UAH31.8m, with 5-month original maturity.

May 30 Kiev-based EKO LLC: a long-term speculative grade rating of uaBB+ has been assigned to upcoming issue of registered coupon bonds (series A, B) for the amount of UAH100m, with 5-year original maturity.

Financial sector

May 13 Kiev-based Bank for Investments and Savings LLC: a long-term speculative grade rating of uaBB has been assigned to upcoming issue of registered coupon bonds (series A) for the amount of UAH15m, with 2-year original maturity.

May 21 Kiev-based ARTA Securities LLC: a long-term speculative grade rating of uaB has been assigned to registered coupon bonds (series B) for the amount of UAH30m, with 3-year original maturity.

Credit-Rating agency has operated in the Ukrainian market since 2001 being committed to assignment of the national scale ratings. The agency has assigned 859 ratings, specifically to 656 Ukrainian companies, 155 financial institutions and 47 municipalities, and 1 corporate governance rating.

As of May 1, 2008 Credit-Rating maintains monitoring of 740 ratings, in fact 555 of corporate, 144 of financial and 40 of municipal sectors.