OREANDA-NEWS. On 15 April 2008 Credit-Rating, a nationally recognized credit rating agency in Ukraine announced that it downgraded to uaBB from uaBBB+ (uaBBB plus) the long-term credit rating assigned to registered housing bonds (series M, N) issued by Kiev-based LIKO-HOLDING LLC (`Issuer` or `company`). The amount of the issue is UAH55.7m due Jul. 12, 2007. The outlook on the rating has been revised to stable. The company`s principal activity is investing and construction. Today the company constructs residential buildings located in the city of Kiev. In the course of analysis Credit-Rating considered Issuer`s financial statements for 4Q and full 2007 as well as its other inside information.

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. A plus "+" and a minus "-" signs indicate intermediary categories compared to the standard categories (grades).

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 that the Issuer suffers from imperfect scheduling system for delivery of the buildings, which premises are to redeem the housing bonds.