Moody's confirmed Colvis Finance Limited's rating at B1, positive outlook

USD 107.5 million of Debt Securities affected Moscow, August 12, 2008 -- Moody's Investors Service has today confirmed Colvis Finance Limited's US$107.5 million notes due 2009 which are supported by the state of Ukraine (with underlying borrower Yuzhmash) rating at B1 with a positive outlook. This change reflects the confirmation of several key credit ratings of Ukraine, concluding a review for possible upgrade that began in March, and the decision to maintain a positive outlook on these same ratings. 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.

• Status
  redeemed
• Country of risk
  Ukraine
• Redemption (put/call option)
  *** (***)
• Amount
  107,500,000 USD
• М/S&P/F
  — / — / —

• Full name
  Yuzhmash
• Industry
  Engineering industry