OREANDA-NEWS. On 18 February 2008 Credit-Rating, a nationally recognized credit rating agency in Ukraine assigned a long-term credit rating of uaBBB to UAH19.4m 2-year registered housing bonds (B series) to be issued by Odessa-based Alyans-Vysotstroy LLC (`Issuer` or `company`). The company`s principal activity is investing and construction. Today the company constructs 6 residential buildings located in the city of Odessa. In the course of analysis Credit-Rating considered Issuer`s financial statements for 2004-2006 and 9M2007 as well as other inside information furnished by the company.

An obligor or a debt liability with uaBBB credit rating is characterized with the SUFFICIENT creditworthiness as compared to other Ukrainian obligors or debt liabilities. This level of creditworthiness is affected by adverse changes in commercial, financial and economic conditions.

Factors maintaining the credit rating
The Issuer is incorporated with Alyans Corp., which is one of the leading players on Odessa`s construction and real estate market.
Operating within the corporation the Issuer as an investor and general contractor has obtained experience in investment and construction projects, specifically in 2006 the company delivered a two-section residential building situated in microdistrict III-4-1, 17B, Kotovskogo of 11.2K sq.m. floor space. Other 2 residential buildings of 11.8K sq.m. are currently on the finalizing stage of construction, and other 2 residential buildings are currently being constructed by Alyans-Zhylstroy LLC.
The Issuer`s equity of UAH21.7m (as of Sep. 30, 2007) exceeds 12 per cent the size of the bond issue of UAH19.4m.

Factors constraining the credit rating
The Issuer does not have experience in redemption of housing bonds.
The Issuer is vulnerable to risks of Alyans Corp., including to those regarding the redistribution of the cash flow within the group neglecting Issuer`s interests.
Instability in legislation and tax environment controlling both the construction industry and project financing.