OREANDA-NEWS. On 02 April 2008 Credit-Rating, a nationally recognized credit rating agency in Ukraine announced that it upgraded to uaB+ (uaB plus) from uaB the long-term credit rating assigned to registered housing bonds (series C and series D-G) issued by Kiev-based Akvapark LLC (`Issuer` or `company`). The size of the issue is UAH50m and UAH83.1m respectively to the series said, with 2-year original maturity. The outlook on the rating has been revised to stable. The company`s principal activity is investing and construction. Today the company constructs a residential and hotel complex with installed sports and entertainment complex, located in the city of Kiev. 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.

In the course of the rating`s revision procedure Credit-Rating took into account the fact that the Issuer has redeemed housing bonds of B series for the amount of UAH25m, which have been issued for funding the construction of a residential and hotel complex with installed sports and entertainment complex, located in the city of Kiev.