OREANDA-NEWS. On 07 May 2008 Credit-Rating, a nationally recognized credit rating agency in Ukraine announced that it downgraded to uaB from uaBB+ (uaBB plus) the long-term credit rating assigned to registered housing bonds (series A-C) issued by Odessa-based OLIMPEKS TRANS LLC (`issuer` or `company`). The amount of the issue is UAH105m due Jan. 2, 2009. The company`s principal activity is investing and construction. Today the company implements 2 construction projects in the city of Odessa. In the course of analysis Credit-Rating considered issuer`s financial statements for 3Q2007.

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.

In the course of the rating`s revision procedure Credit-Rating took into account that the issuer has made a decision on non-disclosure of its financial statements for 4Q2007.