OREANDA-NEWS  On 10 December Credit-Rating, a nationally recognized credit rating agency in Ukraine announced that it assigned a long-term credit rating of uaB to registered discount bonds (series A-F) to be issued by Kherson-based Construction Company RAVIS LLC (`issuer` or `company`). The amount of the issue is to be UAH31.7m due Nov. 30, 2011. The company`s principal activity is construction. Today the company constructs a residential building with installed parking garage and office premises located in the city of Kherson. In the course of analysis Credit-Rating considered issuer`s financial statements for 2007 and 9M2008 and its other inside information.

An obligor or a debt liability with uaBB credit rating is characterized with the LOWER THAN SUFFICIENT creditworthiness as compared to other Ukrainian obligors or debt liabilities. This level of creditworthiness is strongly affected by adverse changes in commercial, financial and economic conditions.

Factors maintaining the credit rating

The company`s management team enjoys significant experience in construction.

The issuer`s associate ABC Inter-Invest LLC has necessary experience in investing and construction; in fact this company has reconstructed and commissioned a residential building of 2.1K sq.m. floor area located 11-Б, Rosa Luxemburg Str., city of Kherson.
Issuer`s profitable performance.

Factors constraining the credit rating

The amount of the upcoming bond issue of UAH31.7m is in excess of issuer`s assets of UAH2.7m and equity of UAH2m as of Sep. 30, 2008.

Dependency of issuer`s performance upon timely and fully raise of funds for financing the construction of the residential building located 166, Perekopskaya Str., Kherson by the project`s customer (ABC Inter-Invest LLC) under negative trends in Ukraine`s real estate sector.

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