OREANDA-NEWS. On 21 July 2009 Credit-Rating, a nationally recognized credit rating agency in Ukraine announced that it assigned a long-term public credit rating of uaA+(pi) to registered coupon bonds (series 3-A) issued by Kyiv Oblast-based State Company International Airport Boryspil (`issuer` or `company`). The amount of the issue is UAH300m, with 5-year original maturity. Credit-Rating has also assigned a long-term public counterparty credit rating of uaA+(pi) to the company. The outlook on both ratings is stable. The company`s principal activity is takeoff and landing aircrafts, and servicing air transportations. In the course of analysis Credit-Rating considered issuer`s public financial statements for 2007-2008 and 1Q2009 and its other information available and deemed reliable.

An obligor or a debt liability with uaA credit rating is characterized with the HIGH STRONG creditworthiness as compared to other Ukrainian obligors or debt liabilities. This level of creditworthiness is 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).

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

(pi) indicates a rating based solely upon public available information.

  Factors maintaining the credit rating

Issuer`s competitive advantages versus other Ukraine`s airports.

Low issuer`s debt burden (as at end-1Q2009 the ratio of debt to the EBITDA calculated for the recent 12 months was recorded at 0.7).

High profitability indicators.

In case of need the issuer may get necessary backing from the state.

Factors constraining the credit rating

The right of claim for all of the company`s funds in current accounts is pledged as security for a loan.

Anticipated significant investments, which amount planned for 2009-2011 is in excess of USD400m.

Issuer`s dependency upon the state regulatory policy.