S&P gave long-term rating "B" to the credit-linked notes issue of the Russian construction company LenSpetsSMU (CJSC)!

19.04.2007

In its press-release dated 17.04.2007, the international rating agency Standard&Poor's declared about conferment of level "B" long-term credit rating of the privileged unsecured debentures to credit-linked notes issue (CLN) for LenSpetsSMU (CJSC ). The amount of the issue – up to 150 million USD, it will be allocated by Golden Ring Finance S.A. company – the special legal entity registered in Luxemburg and acting by order and under warranty of LenSpetsSMU (CJSC) (long term rating B/forecast – "stable") including its subsidiaries.

"The credit notes issue rating corresponds with the long term credit rating LenSpetsSMU – noted credit analyst of Standart&Poors' Lorenzo Slusarev. – We suppose that the income from the issue will be used mainly for financing transactions on purchase of land plots for development as well as for large-scale investment program, and partially for refinancing of the coming mature debt obligations" – he added.

See S&P Research dated 17/04/2007