OREANDA-NEWS. January 6, 2011. Credit-Rating, a nationally recognized credit rating agency in Ukraine announced that it upgraded to uaBBB with stable outlook from uaBBB- (uaBBB minus) the long-term credit rating assigned to registered housing bonds (series A, B) issued by Kiev-based Ilion LLC (‘issuer’ or ‘company’). The amount of the issue is UAH49m. The company’s principal activity is investing and construction. Today the company constructs a residential building with installed social and retailing facilities, and underground and on-ground parkings, located in the city of Kiev. To revise the rating Credit-Rating considered issuer’s financial statements for 3Q2010 and 9M2010 and its other inside information.

An obligor or a debt liability with uaBBB credit rating is characterized with the SUFFICIENT creditworthiness as compared to other Ukrainian obligors or debt liabilities. This level of creditworthiness is affected by 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.

Factors maintaining the credit rating

The issuer is associated with Kovalska group of companies, which has extensive experience in implementation of investment and construction projects in the city of Kiev, and operates production facilities, which allow for supplying construction process on almost all stages.

Commissioning of a residential building located 5, Elena Pchilka Str., Darnitsa District of Kiev.

Factors constraining the credit rating

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