OREANDA-NEWS. National Rating Agency has affirmed its 'A+' credit rating on Atecia Holdings Limited (AHL). The outlook for the rating is Negative. The company was assigned NRA's first-time credit rating of 'A+' on June 5, 2013. The rating was re-affirmed with a Stable outlook in March and September 2014. In accordance with NRA's rating methodology, the rating on AHL is based on NRA's rating on PSN Group, as Atecia Holdings Limited is a special purpose vehicle (SPV), set up to fund real estate acquisition and development on behalf of PSN Group.

The rating is supported by AHL's affiliation with a large development management group, its transparent and visible business and the high probability of parent support. PSN Group, which operates a sizable business, demonstrated positive revenue flows in 2014 and has a comfortable debt maturity profile. The group has close business ties with Promsvyazbank PJSC (NRA's credit rating of 'AA+'), one of the largest financial institutions in Russia. NRA also notes the significantly reduced currency gap in the Group's borrowings, with many FX liabilities substituted with ruble-denominated debt.

The rating is constrained by the adverse macroeconomic situation, weighing on the real estate sector, as well as the group's exposure to the liquidity and currency risks and the negative translation adjustments in the group's investment property value. These factors prevent NRA from positively assessing the group's prospects based on the 2015 performance, as well as those for 2016. NRA will consider either the justification of the Negative outlook or the outlook revision after receiving information about the group's financial and operational performance in 2015.