OREANDA-NEWS. On 24 March 2008 Credit-Rating, a nationally recognized credit rating agency in Ukraine announced that it upgraded to uaB- (uaB minus) from uaCCC the long-term credit rating assigned to UAH20.7m 2 3-year registered housing bonds (series A) issued by Kiev Oblast-based Company on Organizing the Residential Construction LLC (`Issuer` or `company`). The outlook on the rating has been revised to stable. The company`s principal activity is investing and construction. Today the company constructs a multi-apartment residential building located in the borough of Prolisky (Boryspil district of Kiev Oblast). To revise the rating the agency considered Issuer`s financial statements for 4Q and full 2007 as well as its other inside information.

An obligor or a debt liability with uaB credit rating is characterized with the LOW creditworthiness as compared to other Ukrainian obligors or debt liabilities. This level of creditworthiness is extremely susceptible to adverse changes in commercial, financial and economic conditions. A plus "+" and a minus "-" signs indicate intermediary categories compared to the standard categories (grades).

Stable outlook indicates that there are no anticipated reasons to change rating in the course of the year.

Factors maintaining the credit rating
The investments in construction of a residential building situated 15, Morozova st., borough of Prolisky, Kiev Oblast have been raised to UAH6.6m.
According to the company, the building`s construction readiness is currently 22 percent.

Factors constraining the credit rating
The expected delay in delivering the above mentioned building.