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

The rating is based on loan guarantees provided by OOO Snezhnaya Dolina, the market value of whose assets exceed the Company’s debt and annual interest obligations, as well as its own debt and interest obligations (including on all guarantees); close business ties between the Company’s owners and BFG-Credit Bank and so a high probability of refinancing in the event of unfavourable macro-economic developments; and the competitive price of retail space in the Snezhnaya Dolina centre.

Constraining factors include a possible decline in demand for commercial real estate in response to a weakening macro-economic environment in Russia; the absence of current operating revenues; and the resulting high debt burden.

OOO OPTTORG is a limited liability company set up in 2013 and a member of the Imagine Estate development group controlled by Denis Vyacheslavovich Mayakov. It has taken in loans from BFG-Bank and via a number of intermediary firms helped finance the purchase and renovation of the Snezhnaya Dolina retail centre. Legally the Company has no property rights to any part of the facility, but all loan obligations are backed by guarantees issued by the property owner, OOO Snezhnaya Dolina. The centre (located at Eletrolitny proezd 3B in Moscow, 600m from the Nagornaya metro station) has 15 970m2 of floor space. Renovations are in progress and floor space is being sold in small lots.

The Company’s assets consist mainly of accounts receivable, which ultimately represent investments in the Snezhnaya Dolina facility. Most external obligations are loans from BFG-Bank.

The strategy adopted by the Company’s owners calls for selling small blocks of floor space in the Snezhnaya Dolina facility up until late March 2016. The sale price – R185 000 per square metre – is competitive and will cover the Company’s financial debt and annual interest obligations, as well as corresponding obligations at OOO Snezhnaya Dolina, including conditional obligations under loan guarantees.