WestInvest LLC's Credit Rating Withdrawn
OREANDA-NEWS. October 30, 2015. National Rating Agency has withdrawn its credit rating on WestInvest LLC (OOO ‘WestInvest’) due to the contract expiry. The company has been assigned an ‘A-’ national scale exit rating. The ‘А’ credit rating was originally assigned on September 17, 2014, and placed on the ‘Holding and Financial Companies’ rating list of the Agency.
The main activity of WestInvest LLC is the management of commercial real estate, namely purchase and renting property, maintenance of its investment and operational characteristics. As of today, the company owns a class ‘А’ business center, located in the center of Moscow (total area – 32 020 m2, renting area – 21 871 m2), the occupancy by the building tenants is 100%.
The assigned exit rating is underpinned by high-quality assets with high market value, which provide a stable cash flow that allows the company to maintain existing obligations in accordance with its terms, as well as the adequacy of financial result as of 2014, according to the financial statements under Russian Accounting Standards (GAAP), which were adjusted by the Agency to the market value of assets, the range of values ??corresponding to the ‘A-’ group level.
The Agency also emphasizes that it no longer carries out a regular monitoring of the company due to the contract expiry, thus the absence of up-to-date financial statements is estimated as one of the risk factors, along with high concentration of assets and revenue base, and exposure of the business model to general macroeconomic risks, which are capable of putting pressure on the company's financial performance and result.
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