RusRating Assigns Credit Rating to Golden Funds
OREANDA-NEWS. RusRating has assigned a credit rating to OOO Golden Funds (Moscow). The rating is “BBB-” on the national scale and “BB-” on the international scale, in both cases with a stable outlook.
According to the agency, the rating is based on the high market value of the Company's assets and its affiliation with the IMAC group.
Constraining factors include assets and liabilities highly concentrated by individual counterparty, as well as low profitability.
OOO Golden Funds is a private-sector limited liability Russian company that acts as a financial intermediary and satisfies Federal Financial Market Service requirements for classification as a “qualified investor”. A member of the IMAC group, its ultimate beneficiary owner is Oleg Papakhin.
Most external obligations are accounts payable to the Company's main client (Ekoprombank) or firms in the IMAC group, while financial investments account for the bulk of assets, most notably shares in closed mutual investment funds that hold real estate in the city of Perm; accounts receivable from IMAC group affiliates also make up a significant portion of the balance sheet. The Company's own funds are negligible and profitability is weak. Liquidity is sufficient. Risk sensitivity is elevated.
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