OREANDA-NEWS. On 08 April 2008 Credit-Rating, a nationally recognized credit rating agency in Ukraine announced that it downgraded to uaBB from uaBBB- (uaBBB minus) the long-term credit rating assigned to registered housing bonds (series A-B) issue by Crimea-based Prioritet LLC (`Issuer` or `company`). The amount of the issue is UAH70.5m due on March 31, 2008. The company`s principal activity is investing and construction. Today the company constructs a residential building located in the borough of Gurzuf. To revise the rating the agency considered Issuer`s financial statements for 4Q2007 as well as its other inside information.

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

In the course of the rating`s revision procedure Credit-Rating took into account the delay in implementation of the construction project, which may lead to Issuer`s failure to timely meet its obligations on the issue of housing bonds.