Moody's rates new Colvis notes B1

Moody's Investors Service said it assigned a prospective B1 rating to the proposed $107.5 million bond issue due 2011 for Colvis Finance Ltd., which indirectly benefits from an irrevocable and unconditional guarantee from the state of Ukraine.

The outlook is stable.

Moody's said the rating of the Ukraine was upgraded to B1 from B2 on Nov. 10 following four years of strong economic growth and growing foreign currency reserves, supported by prudent fiscal and monetary policies.

The outlook is stable. Going forward, if the rating for the state of Ukraine is altered, the rating on the proposed notes will be amended accordingly, Moody's said.

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