OREANDA-NEWS. On 15 February 2008 Credit-Rating, a nationally recognized credit rating agency in Ukraine assigned a long-term credit rating of uaB to UAH100m 10-year registered discount bonds (B series) to be issued by Ivano-Frankivsk-based ARS-DIM LLC (`Issuer` or `company`). The company`s principal activity is investing, construction, and developing. Today the company implements 17 investment and construction projects in the city of Ivano-Frankivsk. In the course of analysis Credit-Rating considered Issuer`s financial statements for 2003-2006 and 9M2007 as well as other inside information furnished by the company.

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.

Factors maintaining the credit rating
The Issuer is associated with the group of companies united under `ARS` trademark; the group has experience in construction and real estate operations in the city of Ivano-Frankivsk: the group`s share on the local construction market made up 12 per cent in the past year.
The group enjoys an order portfolio scheduled for 6 forthcoming years, which envisages construction of 17 buildings.

Factors constraining the credit rating
The Issuer is vulnerable to group`s exposures, including to those associated with redistribution of cash flows within the group neglecting Issuer`s interests.
The bond issue`s size of UAH100m exceeds significantly Issuer`s assets of UAH0.6m (as of Sep. 30, 2007) and equity of UAH30K.
Instability in legislation and tax environment controlling both the construction industry and project financing.