RusRating assigns credit rating to OOO Sigma (Moscow)
OREANDA-NEWS. RusRating has assigned a credit rating to OOO Sigma. 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 the substantial market value of the Company’s assets, which exceed its own financial debt and interest obligations plus debt and interest on which it has issued guarantees; close business ties between its owners and BFG-Bank and so a high probability of refinancing in the event on unfavourable macro-economic developments; and the competitive sale price of the Italmas retail facility.
Constraining factors include a possible fall in demand for commercial real estate in response to weakening macro-economic conditions in Russia plus a lack of operating revenues and the resulting high debt burden.
About the Company
OOO Sigma is a limited liability company set up in 2010 that owns the 54 000m2 Italmas retail centre in the city of Izhevsk (Udmurtia) at the intersection of 40 let Pobedy and 10 let Oktyabrya streets. The facility is expected to open in the first quarter of 2015.
The Company’s main asset is the Italmas retail centre, while liabilities consist mainly of loans from BFG-Credit Bank. As well as its own R1.5bn in financial debt, Sigma has extended R1.7bn in guarantees to two other companies that invested in construction of the Italmas facility.
The strategy adopted by the Company’s owners calls for selling the Italmas centre as a whole to an outside investor interested in an asset for lease. The sale price (R74 000 per square metre) is competitive and will cover all outstanding debt and interest obligations, including conditional obligations under guarantees.
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