OREANDA-NEWS. On 17 March 2009 Credit-Rating, a nationally recognized credit rating agency in Ukraine announced that it assigned a long-term credit rating of uaCCC to registered coupon bonds (series B-L) to be issued by Kiev-based PROEKT MASTER LLC (`issuer` or `company`). The amount of the issue is UAH250m, due March 27, 2014. The company`s principal activity is lease of office premises. In the course of analysis Credit-Rating considered issuer`s financial statements for 2005-2007 and 9M2008 and its other inside information.

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.

Factors maintaining the credit rating

The amount of net earnings from the services rendered grew by 29.4% to UAH12.6m, with the net profit increased 3.6x to UAH3.2m in 9M2008 as compared with the similar year-earlier period.

Factors constraining the credit rating

Ongoing negative trends in Ukraine`s real estate sector.

Anticipated growth in the issuer`s debt burden (the size of the upcoming bond issue is UAH250m).