OREANDA-NEWS. January 13, 2010. Credit-Rating, a nationally recognized credit rating agency in Ukraine, has today announced that it upgraded to uaB from uaB- (uaB minus) the long-term credit ratings assigned to UAH 27m registered housing bonds (series A) issued by the Dnepropetrovsk-based FIN.N LLC (‘issuer’ or ‘company’). The rating’s outlook is positive. The company’s principal activity is investing and construction. At present, the company carries out a construction project in the city of Sevastopol. To revise the rating, Credit-Rating considered issuer’s financial statements for 3Q and 9M2009 and other inside information.

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.

Positive outlook indicates that there is a possibility to upgrade the rating in the course of the year, on condition that positive tendencies are maintained and current risks are reduced.

Factors maintaining the credit rating

amount of the completed works for the project of construction of a multistory residential building in section 6, Omega-2A district, Sevastopol (the project’s expenditures amounted to 19.5m as of the end of September 2009, namely UAH 2.8m over 3Q2009).

Factors constraining the credit rating

the issuer has no experience both in carrying out investment and construction projects and in redemption of housing bonds by giving premises to their owners.

the issuer’s unprofitable activities (the uncovered loss amounted to UAH 14m as of September 30, 2009);

negative trends in Ukraine’s real estate market.

instability in legislation and tax environment controlling both the construction industry and project financing.