print 01.04.2009

Credit-Rating`s rating actions in March 2009

March 2009

March saw 4 ratings assigned by Credit-Rating, 22 ratings have been upgraded, 14 ratings have been downgraded, outlooks on 45 ratings have been revised, 23 ratings have been suspended, 16 ratings have been withdrawn and 21 ratings have been placed on Rating Watch List.

COUNTERPARTY RATINGS

Corporate sector

March 4 Stolytsya Corporation ( Kiev): a long-term credit rating of uaA+ has been downgraded to uaBBB. The rating has also been placed on Rating Watch List.

March 4 Kyivmiskbud-1 CJSC (Kiev): a long-term credit rating of uaA+ has been downgraded to uaBBB with negative outlook. The rating has also been placed on Rating Watch List.

March 5 RUSH LLC (Dnepropetrovsk): a long-term speculative grade rating of uaBB has been placed on Rating Watch List with negative outlook.

March 11 Kirovogradoblenergo OJSC (Kirovograd): a long-term investment grade rating of uaBBB has been placed on Rating Watch List with negative outlook.

March 11 Sevastopoloblenergo OJSC (Sevastopol): a long-term investment grade rating of uaBBB+ has been placed on Rating Watch List with negative outlook.

March 11 Zhytomyroblenergo OJSC (Zhytomyr): a long-term investment grade rating of uaBBB has been placed on Rating Watch List with negative outlook.

Financial sector

March 2 Kredobank OJSC (Lviv): a long-term investment grade rating of uaBBB has been assigned to the bank.

March 2 Transbank JSCB (Kiev): the bank`s long-term rating has been downgraded to uaBB-. The outlook on the rating is negative.

March 16 Evropeyskyi JSCB (Kiev): the bank`s long-term credit rating has been downgraded to uaBB from uaBBB-. The outlook on the rating is negative.

March 25 EUROGASBANK OJSC (Kiev): the bank`s long-term credit rating has been upgraded to uaBB+ from uaBB. The outlook on the rating is positive.

March 31 ASTRA BANK OJSC (Kiev): a long-term investment grade rating of uaBBB+  has been assigned to the bank.

ISSUE RATINGS

Municipal sector

March 19 Lutsk City Council: a long-term investment grade rating of uaBBB+ has been assigned to UAH50m upcoming issue of 5-year coupon bonds (series 1-E and 1-F).

Corporate sector

March 4 Stolytsya Corporation (Kiev): a long-term credit rating assigned to UAH50m issue of registered coupon bonds (series A) has been downgraded uaBBB from uaA+. The rating has been placed on Rating Watch List.

March 4 Kyivmiskbud-1 CJSC (Kiev): a long-term credit rating assigned to UAH51.8m issue of registered housing bonds (series A, B) has been downgraded to uaBBB from uaA+ with negative outlook. The rating has also been placed on Rating Watch List.

March 5 Dnepr Invest Bud LLC (Dnepropetrovsk): a long-term speculative grade rating of uaCCC has been assigned to UAH24.1m issue of registered housing bonds (series A, B) due Feb. 10, 2012.

March 5 RUSH LLC (Dnepropetrovsk): a long-term credit rating of uaBB assigned to registered housing bonds (series A) due Feb. 24, 2010 and (series B) due Jul. 11, 2010 for the overall amount of UAH70m, has been placed on Rating Watch List with negative outlook.

March 6 Gradostroy LLC (Kiev): a long-term credit rating assigned to 5-year registered housing bonds (series C-E and G-H) for UAH28.9m and UAH34.4m respectively, has been downgraded to uaB from uaBB- with negative outlook.

March 10 PROEKT MASTER LLC (Kiev): a long-term speculative grade rating of uaCCC has been assigned to upcoming UAH250m issue of registered coupon bonds (series B-L) due March 27, 2014.

March 11 Kirovogradoblenergo OJSC (Kirovograd): a long-term credit rating of uaBBB assigned to UAH125m issue of coupon bonds (series A and series B) has been placed on Rating Watch List with negative outlook.

March 11 Sevastopoloblenergo OJSC (Sevastopol): a long-term credit rating of uaBBB+ assigned to coupon bonds (series A and B) for the overall amount of UAH110m has been placed on Rating Watch List with negative outlook.

March 11 Zhytomyroblenergo OJSC (Zhytomyr): a long-term credit rating of uaBBB assigned to UAH100m issue of coupon bonds (series B) has been placed on Rating Watch List with negative outlook.

March 12 LEV LLC (Lviv): a long-term credit rating assigned to registered housing bonds (series A, B) for the amount of UAH50.4m due Oct. 31, 2009 has been downgraded to uaCCC from uaB+. The outlook on the rating has been changed to stable.

March 17 Agrofirma Troyanda OJSC (Kiev): a long-term credit rating assigned to issues of registered housing bonds (series A-D, E-H, and I-M) for the amounts of UAH129.1m, 127.1m, and UAH340.2m respectively, due Jul. 1, 2012 has been upgraded to uaB+ from uaB.

March 20 Pridneprovskaya Energy Company LLC (Dnepropetrovsk): a long-term credit rating assigned to 4-year registered housing bonds (series A) for UAH16.2m has been upgraded to uaBB from uaB-.

March 23 Krymska Yuridychna Grupa LLC (Crimea): a long-term credit rating assigned to UAH87m issue of registered housing bonds (series A-X) due June 30, 2009 has been downgraded to uaB- from uaB+. The outlook on the rating is negative.

March 24 Budspetsservice LLC (Kiev): a long-term credit rating assigned to registered housing bonds (series A-C, H-J, K-M, N-S) for UAH113.2m, UAH112.1m, UAH121.5m, UAH169.4m has been upgraded to uaB from uaB-. The outlook on the rating is positive.

March 26 Construction Group Ratibor LLC : a long-term credit rating assigned to registered housing bonds (series B-C) for UAH60m due Jan. 31, 2010 has been upgraded to uaBB from uaB.

March 27 Atlanta Invest and Development LLC (Kiev): a long-term credit rating assigned to registered housing bonds (series A, B, C) for UAH85.5m due Jul. 31, 2010 has been upgraded to uaB- from uaCCC.

March 30 SVF KOLO LLC (Poltava): a long-term credit rating assigned to registered housing bonds (series C, D) for UAH20.2m due Sep. 30, 2010 has been upgraded to uaBB from uaB+.

Financial sector

March 2 Kredobank OJSC (Lviv): a long-term investment grade rating of uaBBB has been assigned to upcoming issue of registered coupon bonds (series C) for UAH75m due Feb. 23, 2014.

March 16 Evropeyskyi JSCB (Kiev): a long-term credit rating assigned to registered coupon bonds (series A) for UAH20m due Sep. 11, 2009 has been downgraded to uaBB from uaBBB-. The outlook on the rating is negative.

March 18 Strakhovi Tradytsii Financial Group CJSC (Kiev): a long-term credit rating assigned to registered coupon bonds (series A) for UAH15m due Sep. 16, 2010 has been downgraded to uaBB from uaBBB-. The outlook on the rating is negative.

Credit-Rating agency has operated in the Ukrainian market since 2001 being committed to assignment of the national scale ratings. The agency has assigned 1039 ratings, specifically to 814 Ukrainian companies, 167 financial institutions and 57 municipalities and their debts, and 1 corporate governance rating.

As of April 01, 2009 Credit-Rating maintains monitoring of 828 ratings, in fact 646 of corporate, 133 of financial and 49 of municipal sectors.