OREANDA-NEWS. On 07 June 2008 Credit-Rating, a nationally recognized credit rating agency in Ukraine announced that it assigned a long-term credit rating of uaCC to registered housing bonds (series A3-C36) issued by Kiev-based Atlanta Invest and Development LLC (`issuer` or `company`). The amount of the issue is UAH2.76bn, with 10-year original maturity. The company`s principal activity is investing and construction. Today the company is engaged with implementation of 4 investment and construction projects. In the course of analysis Credit-Rating considered issuer`s financial statements for 2005-2007 and 1Q2008 as well as its other inside information.

An obligor or a debt liability with uaCC credit rating is characterised with the VERY HIGH DEFAULT POSSIBILITY.

Factors constraining the credit rating

The issuer subleases through March 2021a land plot of 21.52 ha area located 101, Sagaydaka St., Kiev, on which the construction will be conducted.

Factors constraining the credit rating

The issuer is involved in a significant number of projects as a co-investor, where delays have occurred, accompanied by possible redistribution of funds raised from the bond issuances to those projects.

The size of the residential complex of 626.1K sq.m., which premises to redeem the bond issue.

The amount of the bond issue of UAH2.76bn is in excess of issuer`s assets of UAH187.2m and equity of UAH64.m as of March 31, 2008.

The issuer does not have experience in residential investment and construction projects, neither in housing bonds redemption.

Instability in legislation and tax environment controlling both the construction industry and project financing.