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Moody's places Colvis Finance Limited's rating on review for possible upgrade

March 31, 2008
USD 107.5 million of Debt Securities affected

Moscow, March 31, 2008 -- Moody's Investors Service has today placed
Colvis Finance Limited's US$107.5 million notes due 2011 which are
supported by the state of Ukraine (with underlying borrower Yuzhmash) on
review for possible upgrade. This change reflects the placement the
ratings of the Ukraine under review for possible upgrade, detailed in
Moody's press release on the Government of Ukraine dated 28 March 2008.

Moody place the ratings of the Ukraine on review for possible upgrade
following the conclusion that the current government was adopting
reasonable and largely affordable macroeconomic policies and that a
prudent fiscal stance would build on a strong record accompanied by
improving public debt ratios and reduced external vulnerability.

The US$107.5 million notes of Colvis Finance Limited indirectly benefit
from an irrevocable and unconditional guarantee from the State of
Ukraine. As a consequence of the benefits from the aforementioned
guarantee, the notes were assigned the same rating as the rating for the
State of Ukraine's foreign currency bonds. Going forward, if the rating
for the State of Ukraine is altered, the rating on the notes will be
amended accordingly.

The issuer of the notes, Colvis Finance Limited, is a UK special purpose
vehicle. Colvis Finance Limited has on lent the funds received from its
notes issue to State Enterprise Production Association Yuzhny Machine
Building Plant Named After A.M. Makarov (Yuzhmash).

Registered in the Ukraine, Yuzhmash is a leading rocket manufacturer as
well as one of the largest industrial enterprises in the Ukraine. In 2006
reported Revenue of USD 168 million and EBITDA of USD 7.2 million.
Company — Yuzhmash
  • Full name
    Yuzhmash
  • Industry
    Engineering industry