OREANDA-NEWS. On 21 April 2008 Credit-Rating, a nationally recognized credit rating agency in Ukraine announced that it assigned a long-term credit rating of uaB- (uaB minus) to registered housing bonds (series A-D) issued by Crimea-based Silikon Trade Plus PE (`Issuer` or `company`). The amount of the issue is UAH30.3m, with 3-year original maturity. The company`s principal activity is investing and construction. Today the company as a customer constructs a residential building located in the city of Alupka (Autonomous Republic of Crimea). In the course of analysis Credit-Rating considered Issuer`s financial statements for 2003-2007 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).

Factors maintaining the credit rating
The Issuer is incorporated with UBK Development Group, which companies obtained land plots of 6 ha for 49 year-period renting.
The real estate prices and demand have been constantly growing on the Southern coast of Crimea.

Factors constraining the credit rating
Neither the Issuer nor the group has experience in investment and construction and in redemption of housing bonds.
The issue size of UAH30.3m exceeds Issuer`s assets of UAH10.3m as of Dec. 31, 2007.
The construction of the building located in 1st May St., Alupka, which premises to redeem the bonds issue is currently on the initial stage.
Instability in legislation and tax environment controlling both the construction industry and project financing.