OREANDA-NEWS. National Rating Agency has withdrawn its credit rating on Finstone LLC’s series 01 bonds (Reg. No. 4-01-36431-R, ISIN Code: RU000A0JUDX9) due to expiry of the contract). An ‘BBB+’ exit rating has been assigned. The company got NRA's first-time credit rating of ‘AA-’ on Jan. 17, 2014. The latest rating action (‘BBB+’ credit rating affirmation with a stable outlook) was on June 6, 2016.

Finstone LLC was established in April 2010. Its RUB 6.2 bn series 01 bonds were registered with the Bank of Russia on Dec. 26, 2013 and offered on the Moscow Interbank Currency Exchange (MICE) on Jan. 16, 2014. The bonds have a 5-year maturity (provided that no call option is exercised), and pay a 9.25% annual rate coupon every 182nd day. The bond guarantee, provided by the Cyprus-based GILLESPIE LIMITED, covers the issuer's obligation on the bond par value, but not the coupon interest rate. The coupon interest has been paid five times, and the last payment was in June 2016. The next payment is to be in January 2017. On Feb. 28, 2014, the bond was included in MICE’s Level-A (I) quotes list, but transferred to Level III quotes list on Mar. 7, 2016.

The bond proceeds have been invested in real estate development projects, namely, the “Saburovo Park” and “Zykovsky Uezd” cottage settlements, implemented by ZemStroyProekt LLC (NRA’s credit rating: ‘A’) and Travia LLC, the owners of a 18.45-hectare and a 73-hectare land parcels in Krasnogorsk and Istra Rayons, Moscow Oblast. The developer under the projects is Kaskad Family, a group of companies providing real estate comprehensive development services in Moscow Oblast and other Russian regions.