OREANDA-NEWS. On 19 February 2009 Credit-Rating, a nationally recognized credit rating agency in Ukraine announced that it downgraded to uaCCC from uaBB the long-term credit rating assigned to Odessa-based Insakharprom-K LLC (`issuer` or `company`) and its registered coupon bonds (series A) for the amount of UAH50m due Apr. 21, 2010. The outlook on the rating is negative.

These rating actions have been prompted by company`s failure to timely perform coupon payments on series A bonds, which had to occur on Jan. 25, 2009. Further rating actions with regard to the company and its bond issue will be contingent upon arrangement on restructuring the debt and its timely repayment.

An obligor or a debt liability with uaCCC credit rating is characterized with the VERY LOW creditworthiness as compared to other Ukrainian obligors or debt liabilities. There is a default possibility.

Negative outlook indicates that there is a possibility to downgrade the rating in the course of the year, on condition that negative tendencies are retained and current risks are realized.