Standard & Poor's has assigned rating "B" outlook Stable to LenSpetsSMU

22.12.2006

PRESS RELEASE

LenSpetsSMU has completed obtaining a credit rating from the International Rating Agency, Standard and Poor's. The long-term rating, given according to the international scale, is "B", outlook is stable; the rating according to the national scale is "ruA-.”

LenSpetsSMU has become the first Russian construction companyto have received a credit rating from the largest and most conservative International Rating Agency Standard and Poor's.

Obtained "B"-raiting according to the international scale reflects possibility of the promissory notes executed in time and in complete volume.

"RuA- raiting," obtained according to the national scale, testifies that the company is characterized by the moderately high capacity in time and completely to meet the promissory notes concerning other Russian emitters..

"RuA-raiting," according to the national scale, has been also assigned to two circulating issues of bonds of LenSpetsSMU - series 01 (1.0 billion rbl.) and series 02 (1.5 billion rbl.) that immediately will have an effect on liquidity of the given issues in the secondary market.

Vice President of LenSpetsSMU, Anton Evdokimov, has mentioned that the obtained rating according to the international scale is typical for the absolute majority of the construction companies all over the world and reflects industry and country risks. At the same time, the rating given to LenSpetsSMU has turned out higher than the prediction of bank analysts, and higher than those given to the first hundred Russian banks and also some telecommunication and industrial companies. Availability of the credit rating will allow LenSpetsSMU to save, due to borrowings, up to 10 million dollars during the next 5 years..