OREANDA-NEWS. RusRating has assigned a credit rating to OOO TK Tsentralny (Ufa). The rating is "BB" on the international scale and "BBB" on the national scale, in both cases with a stable outlook. Placement on the watch list means that the rating and rating prognosis could change (either rise or fall) in response to additional information received from the Company or identified in public sources.

The rating is based on a high operating margin and a solid, established pool of lessees.

Constraining factors include an elevated debt burden, the Company’s relatively modest size and high currency risk.

OOO TK Tsentralny is a private-sector limited liability Russian real estate development company registered on 24 April 2001. It forms part of the Bashinvest group, which includes an exhibition company that holds regular national and regional exhibitions in Ufa (Bashkortostan); the VDNH Expo exhibition facility in Ufa; and Yakutov park in the city centre, with its contemporary attractions and food service facilities. TK Tsentralny itself owns the 44 000 m2 Tsentralny retail complex on the site of the former Ufa central market, which opened on 1 September 2011 with 28 000 m2 of leasable space and 800 parking spaces.

At this time the Company’s debt burden is elevated and its operating margin is high. The balance sheet is dominated by fixed assets (the Tsentralny retail centre), while liabilities consist mainly of a 20-year loan from B&N Bank. Liquidity is sufficient. Risk sensitivity is moderate.