OREANDA-NEWS  On 23 October Credit-Rating, a nationally recognized credit rating agency in Ukraine announced that it upgraded to uaBBB+ (uaBBB plus) from uaBBB- (uaBBB minus) the long-term credit rating assigned to registered housing bonds (series A-G and H) issued by Dnepropetrovsk-based Financial and Construction Centre Sozidatel LLC (`issuer` or `company`). The amount of the issue is UAH144.9m and UAH24.5m with original maturity till Jul. 15, 2009 and Jun 30, 2009 respectively to the series specified. The outlook on the rating has been changed to stable. The company`s principal activity is investing and construction. Today the company implements a number of investment and construction projects located in the city of Dnepropetrovsk. To revise the rating Credit-Rating considered issuer`s financial statements for 2Q2008 and other inside information.

An obligor or a debt liability with uaBBB credit rating is characterized with the SUFFICIENT creditworthiness as compared to other Ukrainian obligors or debt liabilities. This level of creditworthiness is affected by adverse changes in commercial, financial and economic conditions. A plus + and a minus - signs indicate intermediary categories compared to the standard categories (grades).

Stable outlook indicates that there are no anticipated reasons to change the rating in the course of the year.

Factors maintaining the credit rating

The issuer is investor for construction of 7 residential buildings, which customer and general contractor is Scientific and Manufacturing Association Sozidatel CJSC, which is the leader in the construction market in the city of Dnepropetrovsk.

The issuer has experience in redemption of housing bonds of D series.

Factors constraining the credit rating

Issuer`s high dependency upon performance of Scientific and Manufacturing Association Sozidatel CJSC.

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