OREANDA-NEWS. On 16 April 2008 Credit-Rating, a nationally recognized credit rating in Ukraine announced that it upgraded to uaB from uaCCC+ the long-term credit rating assigned to registered housing bonds (series A-E) issued by Odessa-based Asol Private Enterprise (`Issuer` or `company`). The amount of the issue is UAH13.9m, with 3-year original maturity. The company`s principal activity is investing and construction, truck haulage, trade with agricultural products and real estate. Today the company constructs 3 residential buildings located in the city of Odessa and in Odessa Oblast. To revise the rating the agency considered Issuer`s financial statements for 4Q and full 2007 as well as its 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. A plus "+" and a minus "-" signs indicate intermediary categories compared to the standard categories (grades).

In the course of the rating`s revision procedure Credit-Rating took into account the fact that the volume of investments in construction of a residential building located in Laboratornaya St., borough of Mizinkevichy, Odessa Oblast, has been raised to UAH15.6m, with the building`s construction readiness being 35%.