OREANDA-NEWS   On 26 September Credit-Rating, a nationally recognized credit rating agency in Ukraine announced that it assigned a long-term credit rating of uaB+ to registered housing bonds (series A) issued by Donetsk-based Technopolis LLC (`issuer` or `company`). The amount of the issue is UAH11.4m, due on Dec. 30, 2009. The company`s principal activity is investing and construction. Today the company implements 2 investment and construction projects located in the cities of Donetsk and Kharkiv. In the course of analysis Credit-Rating considered issuer`s financial statements for 2004-2007 and 1Q2008 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).

Factors maintaining the credit rating

The construction of the residential building located at the crossing of Dzerzhinskogo Av. and Khodakovskogo Str., city of Donetsk, which premises to redeem the bond issue, is on the stage of completion.

Factors constraining the credit rating

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

The issuer`s equity is negative of UAH(2.1)m as of March 31, 2008.

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