OREANDA-NEWS. National Rating Agency has assigned its national sale 'AA-' credit rating to Lira LLC. The company, founded in October 2012, is controlled by O1 Properties Limited (NRA's rating of 'AA').

The rating is supported by Lira's assets, whose market value by far exceeds their book value, allowing the company's debt burden to be regarded as reasonable. The main factors determining the current rating level are the unique asset controlled by the companies and Lira's predictable and stable operating performance. We also note the parent group's ability to provide a strong extraordinary support to the company.

Offsetting these strengths are the worsening macroeconomic situation, which affects, among other things, the commercial property sector, market trends that may lower property costs or generated rental flows, slow down the companies' long-term growth and impair their access to funding. That said, Lira is in a better position relative to peers due to the dominance of foreigners in the tenant base. NRA also note Lira's modest balance-sheet capital adequacy and high debt burden level.