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Economy and politics
May 18, 2010S&P upgrades Ukraine rating to В from В-

Standard & Poor's Ratings Services has raised the Ukraine’s foreign currency sovereign credit rating to 'B/B' from 'B-/C,' and raised the local currency ratings to 'B+/B' from 'B/B,' the agency said in a statement. The outlook is stable. At the same time, Ukraine's national scale rating improved to 'uaA+' from 'uaA.' The recovery rating of '4' on Ukraine's senior unsecured issues remains unchanged.

Agriculture
May 17, 2010Astarta’s EBITDA 55% in 1Q2010: POSITIVE

Astarta [AST PW, HOLD], a major Ukrainian agro holding with an accent on sugar production, has released its consolidated 1Q2010 financial results. Its consolidated revenue grew 82% to USD 52.6 mln. Its gross profit increased 18 times to USD 24.4 mln, while its gross margin was 46% vs. 4% in 1Q2009. Its EBITDA was up 4.7 times to USD 29.0 mln. The EBITDA margin constituted 55% vs. 17% in 1Q2009. Net income increased 20 times to USD 24.8 mln, with net margin at 47.2%.

Machinery
May 14, 2010LUAZ increases output by 19% MoM

Bohdan Motors [LUAZ UZ, U/R], has reported that 1,549 passenger cars were produced in April, 19% more than in May. The Company produced 4,031 cars during January-April 2009 and is targeting a full year production of 22,600 cars. Moreover, the Company produced 99 cars and 2,310 pick-ups, which are, in fact, commercial cars.

Machinery
May 14, 2010Bohdan has not ruled out possibility of IPO in 2010

Bohdan Motors [LUAZ UZ, U/R] reported that it has not ruled out the possibility of an IPO in 2010. The Company reported that an IPO is part of an earlier version of the Company’s development strategy.

Metals and Mining
May 14, 2010Ferrexpo will step up iron ore shipments to China’s Shagang

Ferrexpo [FXPO LN], the Ukraine’s second largest iron ore producer, which controls Poltava GOK [PGOK UZ], and China’s largest private steelmaking company Shagang have signed a 10-year agreement for the supply of up to 350 thousand tonnes of iron ore per year. This contract expands the previous agreement between the two companies, signed in 2007.

Metals and Mining
May 13, 2010Ukrainian business group takes control of Zaporizhstal

According to the Ukrainian news, an unnamed Ukrainian business group has acquired a 50% stake in the Ukraine fourth largest steel producer, Zaporizhstal [ZPST UK]. This information was made public by the Governor of the Zaporizhiya region, Boris Petrov.

Economy and politics
May 13, 2010Services trade surplus reaches USD 1.4 bln in 1Q10

The services trade balance in 1Q10 recorded a USD 1,431 mln surplus. Service exports grew by 19% YoY in 1Q10, while service imports were flat. Taking into account the previously announced USD 656 mln deficit in Ukraine’s merchandise balance in 1Q10, the trade balance showed a USD 775 mln quarterly surplus, the first since 3Q06 and the highest since 1Q05.

Machinery
May 12, 2010LUAZ increases exports nearly six-fold in April

Богдан Моторс [LUAZ, ПЕРЕСМОТР] сообщает об увеличении экспорта автомобилей в апреле по сравнению с мартом в 5.9 раз, или на 708 автомобилей - до 852 автомобилей.

Metals and Mining
May 12, 2010Azovstal kept its steel output flat in April: NEWTRAL

Azovstal [AZST UK], the Ukraine’s second largest steel producer, which is part of the country’s most vertically integrated metallurgical holding – Metinvest, contracted its steel output in April by 0.1% MoM to 476.7 thsd tonnes.

Machinery
May 11, 2010MSICH reported strong 1Q financials

Motor Sich [MSICH UZ, BUY], a leading CIS aviation engines producer, reported strong 1Q10 financial results.

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