NRA’s Credit Rating on Archer Finance’s Series 01 Bond Issue Withdrawn
OREANDA-NEWS. National Rating Agency has withdrawn its credit rating on Archer Finance LLC’s Series 01 bond issue (Reg. No. 4-01-36438-R, ISIN code: RU000A0JUJW8) due to expiry of the contract. An exit rating of ‘BBB+’ has been assigned. The company got NRA’s first-time credit rating of ‘AA-’ on Apr. 14, 2014. The latest rating action (the ‘BBB+’ credit rating affirmation) dates June 6, 2016.
Archer Finance LLC was founded in November 2009 and was originally named Centre of Juridical Solutions, LLC (Russian Cyrillic: ООО «Центр правовых решений»). Its key business area is financial intermediation. Archer Finance’s RUR 5.9 bn series 01 bond issue was registered with the Bank of Russia on Mar. 20, 2014.The bond has a 3-year maturity and is paying a 8.75% p.a. rate coupon. The bond is guaranteed by the Cyprus-based SVENNER VENTURES LIMITED. In December 2014, the issuer registered two issues of exchange-tradable bonds (for a total of RUB 10 bn) that have not yet started to be placed in the market.
The rating is underpinned by the issuer’s stable performance, positive financial result, reasonable liquidity position and comfortable debt maturity profile. Other rating strengths include the fact that Archer Finance’s outstanding liabilities are supported by adequate funding sources and the issuer’s timely payment of its bond-related liabilities.