OREANDA-NEWS. On 19 June 2009 was announced, that Export Import Bank of the United States, Ex-Im Bank has become a guarantor for a loan which is granted to UTair Aviation JSC (UTair Aviation) by one of the American financial institutions.

UTair Aviation will use the funds gained under the granted credit to purchase seven medium-range Boeing 737-500 aircraft. At the present moment there are nine aircraft of this type in the Company fleet. Purchasing of new aircraft and their further placing in operation will enable UTair Aviation JSC to continue its activity on expanding the route network and to increase the passenger traffic. Moreover, this credit will allow UTair Aviation JSC to put into life a range of other investment projects regarding the fleet renewal.

While making a decision with regard to the provision of its financial support to UTair Aviation JSC, Ex-Im Bank conducted a multi-side audit of the Company and its affiliates. A corresponding credit rating was assigned to UTair Aviation JSC on the basis of the audit results. This proves the Company financial reliability and its market stability. “The approval gained by UTair Aviation from one of the most powerful western credit agencies became another proof of the Company financial soundness and reliability”, - underlines Andrey Martirosov, Chief Executive Officer of UTair Aviation JSC.

UTair Aviation JSC is one of the three leading air carriers in the Russian Federation with regard to domestic passenger traffic. The results of year 2008 show that more than 3,2 million persons used the Company services. UTair fleet is comprised of more than 355 fixed-wing and rotor aircraft of different types. The Company aircraft perform around 200 scheduled flights per day to 65 cities both of the Russian Federation and foreign states. UTair Aviation JSC has an impeccable credit history, publishes its accounting documents in accordance with both Russian and International Accounting Standards (Ernst & Young is the UTair Group auditor for International Accounting Standards), and is implementing an extensive fleet renewal program.

Export Import Bank of the United States – is an independent export credit agency of the USA, which specializes in providing financing for the US export operations around the world, as well as in crediting, providing loan guarantees and insurances. In year 2008 Ex-Im Bank acted as a guarantor for financial support of a range of deals totaling to 14,4 bln USD. Owing to the guarantees provided by Ex-Im Bank in the previous year, airlines from 15 different states were granted credits for the total amount of 5,5 bln USD for purchasing of USA-manufactured civil aircraft.