OREANDA-NEWS. On 24 March 2009 Credit-Rating, a nationally recognized credit rating agency in Ukraine announced that it downgraded to uaB- (uaB minus) from uaB+ (uaB plus) the long-term credit rating assigned to registered housing bonds (series A-X) issued by Crimea-based Krymska Yurydychna Grupa LLC (`issuer` or `company`). The outlook on the rating remains negative. The amount of the issue is UAH87m, due June 30, 2009.

This rating action has been prompted by high issuer`s dependency upon borrowed funds and its current overdue obligations on the loan portfolio. The rating`s downgrade has been also driven by delay in construction works at the residential complex located Oktyabrska Str., Alushta, which are to financed with the funds raised from series A-X bonds.

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).

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.