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

August 12, 2008
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
    — / — / —
Company — Yuzhmash
  • Full name
    Yuzhmash
  • Industry
    Engineering industry