OREANDA-NEWS. On 26 August 2008 was announced, that Credit-Rating does not plan to revise credit rating and its outlook assigned to the registered housing bonds issued by Kovalska Plant of Ferro-Concrete Constructions OJSC (`issuer` or `company`) in connection with the order issued by the State Environmental Inspectorate of Kiev on the stoppage of works at a sand pit located near the Southern Bridge in the city of Kiev.

Credit-Rating subscribes to the opinion that this event will not affect issuer`s capacity to meet its commitments on the registered zero-coupon (housing) bonds of D-E series for the amount of UAH36.8m issued for funding the construction of a residential building situated 3, Levitana Str., Kiev. The bonds are to be redeemed in the period from Jan. 1, 2009 to Dec. 31, 2009. As at mid-August 2008 the construction of the above residential building is on the stage of completion.

Credit-Rating`s note:

In April 2008 Credit-Rating revised the rating assigned to zero-coupon (housing) bonds of D-E series for the amount of UAH36.8m, issued by Kovalska Plant of Ferro-Concrete Constructions OJSC at uaBBB- (uaBBB minus) carrying positive outlook. The company is the biggest Ukraine`s producer of ferro-concrete constructions and of concrete and is incorporated with Kovalska industrial and construction group, which embraces a number of large Ukrainian companies operating in different sectors of construction industry. The issuer is also engaged with industrial and social construction.