OREANDA-NEWS. RusRating has assigned a credit rating to the ISU-100 mortgage participation certificates. The rating is "BB+" on the national scale with a stable outlook.

The rating is based on the significant market value of the property collateral and cash flow generated by this property sufficient to cover interest payments on the loan.

Constraining factors include the high ratio of the current loan balance to the value of the collateral and the borrower’s high debt burden.

The ISU-100 mortgage participation certificates (state registration number 0029) are managed by ZAO Pallada Asset Management, which holds Central Bank license no. 21-000-1-00006 dated 8 August 2006 to manage investment funds, mutual investment funds and non-state pension funds. Rules governing the certificates were registered by the CBR on 7 October 2014. As of 31 August 2015 the underlying mortgage stood at R2083.4mn and carried an interest rate of 12% per annum. Final repayment of the loan is scheduled for 21 April 2025.

The ISU-100 certificates are backed by a mortgage extended to OOO Klinika Pavlovo Podvorye [trs. Pavlovo Podvorye Clinic LLC] against a 7176.9 m2 portion of an office building located in Moscow (ul. Butyrski val, d. 5). OOO Kons AG has assessed the property’s value at R3101.0mn.

OOO Klinika Pavlovo Podvorye owns part of an office building located in Moscow at ul. Butyrski val, d. 5, which accounts for the bulk of its assets. Liabilities consist of a loan from OOO Delta-Finance.