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Rating Action:

Moody's assigns B2 rating to new bond issued by Ukrainian state enterprise

Global Credit Research - 20 Apr 2011

Frankfurt am Main, April 20, 2011 -- On 14 April 2011, Moody's Investors Service has assigned a long-term rating of B2 to the USD 690,000,000 Fixed Rate (7.4%) Senior Unsecured Global Notes due April 2018 issued by the Ukrainian state enterprise called "Financing of Infrastructural Projects." The debt benefits from a full guarantee by the Ukrainian government.

RATINGS RATIONALE

Moody's regards the Ukrainian state enterprise known as "Financing of Infrastructural Projects" as a vehicle of public policy that is not distinguishable from the government. More specifically, Moody's considers that the commitment of the Ukrainian government to back the issuer's obligations is no lower than its commitment to service its own sovereign bonds.

In this context, the debt rating of "Financing of Infrastructural Projects" reflects the existence of an explicit, irrevocable and unconditional guarantee provided by the Ukrainian government. The Ukrainian government's long-term foreign currency bond rating is B2 with a stable outlook.

"Financing of Infrastructural Projects" is wholly owned by the Ukrainian state. Its primary mandate is to raise domestic and foreign capital for expenses related to holding the European Football Championship Finals in 2012 (UEFA Euro 2012), other international sports events and various infrastructure projects. By virtue of its charter, the issuer has the status of a legal entity under Ukrainian law.

The issuer was established as a state enterprise according to the Decree of the "National Agency on Preparation and Holding in Ukraine of the UEFA Euro 2012 and Implementation of Infrastructure Projects" (the "Agency") on 14 September 2010. The Agency in turn was established by the resolution of the Cabinet of Ministers of Ukraine on 7 April 2010.

The main objective of the Agency is the preparation and implementation of infrastructural projects connected with Euro 2012 and other international sports events. The Agency is also responsible for developing and subsequent implementation of the "State Targeted Social Program of Development in Ukraine of Sports and Touristic Infrastructure in 2011 to 2022". This program is designed to promote winter sports in Ukraine and to prepare Ukraine to bid for the right to host 2022 Winter Olympics.

The principal methodologies used in this rating was Sovereign Bond Ratings published in September 2008.

Reference is also made to the Special Comment entitled "Moody's Identifies Core Principles of Guarantees for Credit Substitution" from November 2010.

REGULATORY DISCLOSURES

Information sources used to prepare the credit rating are the following: parties involved in the ratings, public information, confidential and proprietary Moody's Investors Service information.

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Moody's Investors Service may have provided Ancillary or Other Permissible Service(s) to the rated entity or its related third parties within the three years preceding the Credit Rating Action. Please see the ratings disclosure page www.moodys.com/disclosures on our website for further information.

Moody's adopts all necessary measures so that the information it uses in assigning a credit rating is of sufficient quality and from sources Moody's considers to be reliable including, when appropriate, independent third-party sources. However, Moody's is not an auditor and cannot in every instance independently verify or validate information received in the rating process.

Please see ratings tab on the issuer/entity page on Moodys.com for the last rating action and the rating history.

The date on which some Credit Ratings were first released goes back to a time before Moody's Investors Service's Credit Ratings were fully digitized and accurate data may not be available. Consequently, Moody's Investors Service provides a date that it believes is the most reliable and accurate based on the information that is available to it. Please see the ratings disclosure page on our website www.moodys.com for further information.

Please see the Credit Policy page on Moodys.com for the methodologies used in determining ratings, further information on the meaning of each rating category and the definition of default and recovery.

Frankfurt am Main
Dietmar Hornung
VP - Senior Credit Officer
Financial Institutions Group
Moody's Deutschland GmbH
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

New York
Bart Oosterveld
MD - Sovereign Risk
Financial Institutions Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Moody's Deutschland GmbH
An der Welle 5
Frankfurt am Main 60322
Germany
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

Moody's assigns B2 rating to new bond issued by Ukrainian state enterprise
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