OREANDA-NEWS. On 05 March 2008 Credit-Rating, a nationally recognized credit rating agency in Ukraine announced that it upgraded to uaBB- (uaBB minus) from uaB+ (uaB plus) the long-term credit rating assigned to UAH43.4m and UAH8.8m 5 year registered housing bonds (C and D series respectively) issued by Donetsk-based Direction of Office Buildings LLC (`Issuer` or `company`). The company`s principal activity is investing and construction. Today the company constructs 2 residential buildings located in the city of Donetsk. To revise the rating Credit-Rating considered Issuer`s financial statements for 4Q2007 and 2007 full year, as well as other inside information furnished by the company.

An obligor or a debt liability with uaBB credit rating is characterized with the LOWER THAN SUFFICIENT creditworthiness as compared to other Ukrainian obligors or debt liabilities. This level of creditworthiness is strongly affected by adverse changes in commercial, financial and economic conditions. The plus (+) or minus (-) modifier denotes rating`s relative status within major categories.

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

In the course of the rating`s revision procedure Credit-Rating took into account the fact that the Issuer has delivered an office building of 6,532 sq.m. floor area situated in Rosa Luxemburg St., city of Donetsk, pursuant to the State Act issued by Commission on Deliveries dated Nov. 16, 2007 and approved by the Executive Committee of Donetsk City Council with the decision #733/27 dated Nov.28, 2007.