OREANDA-NEWS. RusRating has assigned a credit rating to Millgreen Limited (Cyprus). The rating is “BB+” on the Russian national scale and “B+” on the international scale, in both cases with a stable outlook.

The rating is based on a high operating margin that reflects a solid mix of lessees.

Constraining factors include a high debt burden, the Company's relatively modest size, limited informational transparency and negative capital.

Millgreen Limited is registered in Cyprus but operates in Russia. It owns the 118 300 square metre Riga Land business centre in the Moscow region (Krasnogorsk district), nine kilometres from the Moscow Ring Road on Novorossiisk highway. The facility includes 2700 parking spaces and its occupancy rate is close to 100%. Alfa-Bank holds a mortgage on the property. The Company is owned by Vontimen Consultants Limited, which is registered in the U.K. Virgin Islands; its ultimate beneficiary owners have not been identified.

The Company's debt burden is high, as is its operating margin. Fixed assets (principally the Riga Land business centre) account for most of the balance sheet; a long-term loan from Alfa-Bank makes up the bulk of liabilities. Risk sensitivity is moderate. Liquidity is sufficient.