OREANDA-NEWS. November 25, 2011. The ratings themselves are unchanged at “BBB-” on the national scale and “BB-” on the international scale.

According to the agency, the positive outlook reflects a significant expansion of the Fund’s assets driven by the further expansion of its land holdings.

The ratings are based on healthy potential for growth in the value of the Fund’s assets, minimal volatility in its book value, average investment returns and the market nature of its operations.

Constraining factors include the limited liquidity of Fund shares and modest rent income.

ZPIF FINAM-Capital Investments is a closed mutual rent investment fund set up on 26 January 2006 and fully formed by 5 May that same year. The Fund invests in agricultural land in regions where this sector is well developed and has been listed on MICEX since 15 December 2006. It is managed by UK BIN FINAM Grupp, in which B&N Bank holds a one-third stake, while a further third is held by ZAO Investment Holding FINAM and the remaining third by company executives. According to the Company’s management most shares in the Fund are owned by B&N Bank or Investment Holding FINAM, with no one investor holding a stake of more than 50%.