OREANDA-NEWS. RusRating has assigned a credit rating to OOO Standart-Invest (Ulyanovsk). The rating is "BBB" on the national scale and "BB" on the international scale, in both cases with a stable outlook.

The rating is based on a high anticipated operating margin on the Company's development project; affiliation with the Dars Development group; that company's strong operating profits; and a high likelihood of support from the group's beneficiary owners.

Constraining factors include high risks associated with a the early stages of a new real estate development project; an expected rise in the debt burden to extremely high; and the Dars Development group's own high debt burden.

OOO Standart-Invest is a limited liability company that is developing a 122 hectare site in Zhukovski (Moscow region). Construction has not yet begun and is scheduled for completion in eight years. The Company is a member of the Dars Development group, a major real estate developer in Ulyanovsk that owns four retail facilities with approx. 170 000 m2 of combined floor space.

At this time the Company's assets are negligible, as are revenues. In order to finance the project it plans to take in a R1.8bn loan. The anticipated operating margin is high.

The group is controlled by Dmitri Alexandrovich Ryabov and backed by a Russian billionaire who controls a major financial-industrial group with more than R500bn in assets. The group's business centres mainly on the production and distribution of oil, construction, managing real estate, finance and credit.

The Dars Development group's debt burden is high but its operating profits are strong, with a moderate return on investor capital. Its assets are dominated by retail facilities and liabilities consist mainly of Sberbank loans. Liquidity is sufficient. Overall risk sensitivity moderate.