OREANDA-NEWS. April 15, 2010. Credit-Rating, a nationally recognized credit rating agency in Ukraine has announced that it upgraded to uaBB from uaB the long-term credit rating assigned to registered housing bonds (series A) issued by Dnepropetrovsk-based FIN.N LLC (‘issuer’ or ‘company’). The amount of the issue is UAH27m, due on March 31, 2010. The outlook on the rating is stable. The company’s principal activity is investing and construction. Today the company implements a construction project located in the city of Sevastopol. To revise the rating Credit-Rating considered issuer’s financial statements for 4Q09 and full 2009 and 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.

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

Factors maintaining the credit rating

The works on the construction of a residential building located in Omega-2A district, building #6 in the city of Sevastopol, which premises to redeem the bond issue, are currently on the stage of completion.

Factors constraining the credit rating

The issuer does not have experience in investment and construction projects, neither in redemption of housing bonds.

Issuer’s loss-generating performance (the amount of uncovered loss was recorded at UAH15.1m as at Dec. 31, 2009).

Ongoing negative trends in Ukraine’s real estate sector.

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