OREANDA-NEWS. On 27 May 2008 Credit-Rating, a nationally recognized credit rating agency in Ukraine announced that it assigned a long-term credit rating of uaAAA to registered housing bonds (series N-AM) to be issued by Kiev-based EKSKO PLUS LLC (`issuer` or `company`). The amount of the issue is UAH434.8m, with the original maturity from 3 to 7 Ѕ years. The company`s principal activity is investing and construction. Today the company constructs Park Avenue residential complex, located in the city of Kiev. In the course of analysis Credit-Rating considered issuer`s financial statements for 2004-2007 as well as its other inside information.

An obligor or a debt liability with uaAAA credit rating is characterized with the HIGHEST creditworthiness as compared to other Ukrainian obligors or debt liabilities.

Factors maintaining the credit rating

The issuer enjoys necessary financial, legal and technical backing from Beny Steinmetz Group (BSG), which has over 60-year experience in international markets of diamonds, investments, metals, engineering, oil, gas, energy, processing industry and real estate.

The issuer is indirectly consolidated with Scorpio Real Estate Ltd., which has experience in construction in different countries (the USA, Canada, France, Italy, Great Britain and others), having so far delivered a. 12.5m sq.m. of premises.

The construction of Park Avenue complex, which is located in 40-letiye Oktyabrya Av., Kiev (which premises to redeem the bond issue) involves Uralbud-Ukraine LLC, which is the construction`s general contractor, being a structural subdivision of PROMER group of companies, which has experience in international construction market; in fact the group has delivered 386.2K sq.m. of estate property in CIS countries in the past 8 years.

Issuer`s information transparency and openness.

Factors constraining the credit rating

Instability in legislation and tax environment controlling both the construction industry and project financing.