OREANDA-NEWS. On 27 April 2009 Credit-Rating, a nationally recognized credit rating agency in Ukraine announced that it downgraded to uaD from uaCCC the long-term credit rating assigned to Odessa-based Insakharprom-K LLC (issuer or company) and its registered coupon bonds for UAH50m due Apr. 21, 2010.

The credit rating of uaD indicates DEFAULT. The payment of principal and interest on a debt liability has stopped, without any agreement reached with creditors on the restructuring of the debt before payment became due.

These rating actions have been prompted by the fact that Credit-Rating has obtained no documents proving that the issuer reached agreement with its creditors on restructuring its obligations, namely its coupon payments on series A bonds, which had to occur on Jan. 25, 2009.