Horus Finance JSC Assigned National Scale ‘AA-’ Credit Rating
OREANDA-NEWS. National Rating Agency has assigned its national scale ‘AA-’ credit rating to Horus Finance JSC, taking into account the support rating of ‘Rs1’, which reflects the probability of support from Horus Retail Principal B.V.Group. It is the first time Horus Finance JSC has received an NRA’s rating.
The rating reflects the company’s affiliation with a group that owns assets of good quality and high market value, as determined by a reliable independent evaluator, as well as its strong beneficiary owner and strategic partners with considerable experience, resources and capability to effectively manage the group’s projects and launch them on a timely basis. NRA notes the projects’ high attractiveness to investors, importance for regional infrastructure, and the high standards of their delivery. The expected sources of income needed to cover Horus Finance’s debt service requirements are viewed as adequate in the light of the current debt maturity profile.
The rating is constrained by the fact that some of the company’s projects are still in the very early stages and require much capital, which affects Horus Finance’s leverage profile and consequently may pressure its general financial strengths and operating performance metrics in the foreseeable future.
NRA’s analytical products, including ratings and the contents of this press release, are statements of NRA’s independent opinion as of the date they are expressed and not statements of fact or recommendations to make any investment decisions or conduct any stock market transactions. NRA is not responsible for any results obtained from the use of opinions and/or information contained in this press release.
While NRA has obtained information from sources it believes to be reliable, NRA does not guarantee that this information is perfectly correct, complete and accurate, as it does not perform an audit or undertake any duty of due diligence or independent verification of any information it receives.
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