OREANDA-NEWS. On 05 June 2009 Credit-Rating, a nationally recognized credit rating agency in Ukraine announced that it affirmed at uaAAA the long-term credit rating assigned to registered housing bonds (series A-M) issued by Kiev-based EKSKO PLUS LLC (`issuer` or `company`) for the amount of UAH363.3m. The outlook on the rating is stable.

To revise the rating Credit-Rating considered issuer`s financial statement for 1Q2009 and its other inside information. The company`s principal activity is investing and construction. Today the company constructs Park Avenue residential complex located 60, 40-richya Zhovtnya Av., in Golosiyevo District of Kiev. The project embraces 5 residential buildings of 171.7K sq.m. hosting 1 227 apartments. The complex will also host a commercial and fitness centres with an underground 2-level parking garage. The project is to be implemented in 13 phases.

The credit rating assigned to company`s bonds of series A-M, which were issued for funding construction of the 1 st phase of Park Avenue residential complex is underpinned by financial, legal, and technical support provided to the issuer by Beny Steinmetz Group (BSG), which enjoys an extensive experience in international markets of diamonds, investments, metals, engineering, oil and gas, energy, processing industry, and real estate. EKSKO PLUS LLC is indirectly owned by Scorpio Real Estate Ltd, which is associated with Beny Steinmetz Group (BSG) and has experience in construction of real estate of around 12.5m sq.m. total floor area, located in different countries. Credit-Rating notes that the works at the 1 st phase of construction of Park Avenue complex meet the schedule. Thereat the company has necessary financial backing and sufficient amount of funds on its accounts, which enables the company to proceed the works at the 1 st phase of Park Avenue complex.

Credit-Rating has also announced that it downgraded to uaA with negative outlook from uaAAA the long-term credit rating assigned to company`s registered housing bonds (series N-AM) in the amount of UAH434.8m. This rating action was in triggered by opacity with regard to commission terms of 2 nd -9 th phases of Park Avenue complex, which are to be financed with series N-AM bonds; this fact is associated with ongoing adversities in Ukraine`s real estate sector and declined attractiveness of construction projects under significant decrease in purchases of real estate property being constructed.

An obligor or a debt liability with uaAAA credit rating is characterized with the HIGHEST creditworthiness as compared to other Ukrainian obligors or debt liabilities.

An obligor or a debt liability with uaA credit rating is characterized with the HIGH STRONG creditworthiness as compared to other Ukrainian obligors or debt liabilities. This level of creditworthiness is susceptible to adverse changes in commercial, financial and economic conditions.

Stable outlook indicates that there are no anticipated reasons to change the rating in the course of the year.

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.