ACRA assigns BB+(RU) to RU000A102X18 bond issued by "Garant-Invest Commercial Real Estate" JSC

Credit rating rationale. The issue represents senior unsecured debt of "Garant-Invest Commercial Real Estate" JSC (hereinafter, the Company). Due to the absence of either structural or contractual subordination of the issue, ACRA regards it as pari passu with other existing and future unsecured and unsubordinated debt obligations of the Company in terms of priority. According to ACRA’s methodology, the recovery rate for the unsecured debt belongs to Category III. Therefore, the bond issue is rated BB+(RU), i.e. one notch below the credit rating of the Company.

The Company’s credit rating is based on its high industry risk, small size of business, low coverage assessment, high leverage, and medium profitability and liquidity assessments. The credit rating is supported by the Company’s strong business profile and geographic footprint.

Key issue properties

Issuer

"Garant-Invest Commercial Real Estate" JSC

Issuer’s credit rating

BBB-(RU), outlook Stable

Actual issuer

"Garant-Invest Commercial Real Estate" JSC

Type of security

Uncertified exchange-traded interest-bearing non-convertible bond subject to centralized title registration,
002Р-03 series

Issue volume

RUB 1.5 bln

ISIN / RegS

RU000A102X18 / 4B02-03-71794-H-002P

Placement start date

March 30, 2021

Maturity date

March 26, 2024

Regulatory disclosure

The credit rating has been assigned to the 002Р-03 series (RU000A102X18) bond issue of "Garant-Invest Commercial Real Estate" JSC under the national scale for the Russian Federation based on the Methodology for Assigning Credit Ratings to Individual Issues of Financial Instruments on the National Scale for the Russian Federation, and the Key Concepts Used by the Analytical Credit Rating Agency within the Scope of Its Rating Activities.

A credit rating has been assigned to the 002Р-03 series (RU000A102X18) bond issue of "Garant-Invest Commercial Real Estate" JSC for the first time. The credit rating is expected to be revised within one year following the publication date of this press release.

The credit rating was assigned based on the data provided by "Garant-Invest Commercial Real Estate" JSC, information from publicly available sources, and ACRA’s own databases. The credit rating is solicited, and "Garant-Invest Commercial Real Estate" JSC participated in its assignment.

In assigning the credit rating, ACRA used only information, the quality and reliability of which was, in ACRA's opinion, appropriate and sufficient to apply the methodologies.

ACRA provided additional services to "Garant-Invest Commercial Real Estate" JSC. No conflicts of interest were discovered in the course of credit rating assignment.

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