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Rating history for issuer AZOVSTAL

Rating Agency	Rating scale	Date	Rating	Forecast	Additional information
Standard&Poor's	Int. Scale (foreign curr.)	03.03.2009	Withdrawn
		26.02.2009	CCC+	Negative
		29.10.2008	B	Negative
	Int. Scale (loc. curr.)	03.03.2009	withdrawn
	Int. Scale (loc. curr.)	26.02.2009	B-	Negative
Moody's Investors Service	Int. Scale (foreign curr)	04.09.2008	Withdrawn
Moody's Investors Service	Int. Scale (foreign curr)	02.09.2008	B1	Positive
Fitch Ratings	Int. Scale (foreign curr.)	13.11.2009	B-	Negative
	Int. Scale (foreign curr.)	09.10.2009	B	Negative
	Int.l Scale (local curr.)	13.11.2009	B-	Negative
	Int.l Scale (local curr.)	09.10.2009	B	Stable
	National Scale (Ukraine)	13.11.2009	AA-(ukr)	Stable
	National Scale (Ukraine)	09.10.2009	A+(ukr)	Stable

Rating history for bond issue AZOVSTAL, 2011 (LPN)

Rating Agency	Rating scale	Date	Rating	Forecast	Additional information
Standard&Poor's	Int. Scale (foreign curr.)	03.03.2009	Withdrawn
		26.02.2009	CCC
		29.10.2008	B-
Moody's Investors Service	Int. Scale (foreign curr)	05.11.2008	B2	Negative
Moody's Investors Service	Int. Scale (foreign curr)	20.10.2008	B1	Negative
Fitch Ratings	Int. Scale (foreign curr.)	13.11.2009	B-
Fitch Ratings	Int. Scale (foreign curr.)	09.10.2009	B

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