OREANDA-NEWS  On 23 October Credit-Rating, a nationally recognized credit rating agency in Ukraine announced that it assigned a long-term credit rating of uaCCC to registered coupon bonds (series A) to be issued by Odessa-based Kompaniya Po Torgivli LLC (`issuer` or `company`). The amount of the issue is to be UAH65m, with 5-year original maturity. The company`s principal activity is leasing of immovable property and of manufacturing and commercial facilities. In the course of analysis Credit-Rating considered issuer`s financial statements for 2005-2007 and 1H2008 and its other inside information.

An obligor or a debt liability with uaCCC credit rating is characterized with the VERY LOW creditworthiness as compared to other Ukrainian obligors or debt liabilities. There is a default possibility.

Factors constraining the credit rating

The demand and prices for commercial real estate in the city of Odessa is higher than that average in Ukraine.

Factors constraining the credit rating

Expected growth in issuer`s debt burden with the size of the bond issue being of UAH65m and issuer`s net revenue from sales in 2007 recorded at UAH19.8m.

Instability in legislation and tax environment controlling real estate operations.