Standard & Poor's reconfirm LenSpetsSMU company rating in view of the restructuring of credit linked notes (press release of the company)

02.02.2009

PRESS RELEASE
30 January of 2009 – the rating agency Standard & Poor's reacted to media announcements about the restructuring of LenSpetsSMU’ credit linked notes. Against the usual practice when borrowers initiate a restructuring of their financial debt and are awarded an ‘SD' (Selective Default) rating, Standard & Poor's reconfirmed LenSpetsSMU’s rating at level ‘B', outlook ‘Stable’.

In its press release Standard & Poor's noted that the action taken LenSpetsSMU and released to the media with respect to the restructuring of credit linked notes would not entail a change to the company’s rating and/or rating of the release of the credit notes. The company’s proactive management, directed at a change in the conditions of the credit notes, do not, in the opinion of rating agency, entail the establishment of Selective Default (‘SD’) rating with respect to LenSpetsSMU.

The full version of Standard & Poor’s bulletin is available on the LenSpetsSMU financial site.

REFERENCE:

LenSpetsSMU was the first and remains one of only two Russian construction companies to have received and publish its credit rating from the largest and most conservative international rating agency - Standard & Poor's.

The ‘B’ rating, according to the international scale, reflects the presence of the possibility of the fulfilment of obligations on time and in full.

The ‘ruA' rating, according to the national scale, attests to the fact that the company is characterized by a moderately high ability to promptly and completely fulfil its obligations in relation to another Russian issuer.

CONTACT DETAILS

Mikhail Dukhovny, Director of Corporate Communications Department
Telephone: +7 (812) 348-21-25, e-mail: dukhovny_m@lenspecsmu.ru

Victor Vasenev, Deputy CFO
Telephone: +7 (812) 348-09-95, e-mail: vasenev_v@lenspecsmu.ru