RusRating Changed Rating Outlook for ZPIF FINAM-Capital Investments
OREANDA-NEWS. RusRating has changed the rating outlook for ZPIF FINAM-Capital Investments from “stable” to “positive”. The rating itself is unchanged at “BBB” and “BB” on the national and international scales respectively.
According to the agency, the change in outlook reflects significant growth in the Fund’s assets and a corresponding increase in its land holdings.
The rating itself is based on healthy potential for growth in the value of the Fund’s assets, minimal volatility in its book value, average investment returns and the market nature of its operations.
Constraining factors include the limited liquidity of Fund shares and modest rent income.
ZPIF FINAM-Capital Investments is a closed mutual investment rent fund set up on 26 January 2006 and fully formed by 5 May that same year. The Fund invests in agricultural land in areas where this sector is particularly well developed (most notably in Penza, Saratov, Krasnodar and Rostov regions). On 15 December 2006 it was listed on MICEX. It is managed by BIN FINAM Group Management LLC, a company owned by Balmur Limited (Nicosia, Cyprus). The Fund’s principal beneficiary owner is a major Russian bank.