RusRating assigns credit rating to ZAO Akademinvest
The rating is based on financial support from the Company’s beneficiary owner, close business ties to a major financial-industrial group, and the significant market value of the Company’s property holdings.
Constraining factors include a potentially high debt burden and insufficient operating revenues to cover interest obligations on future debt.
ZAO Akademinvest is a closed joint-stock company that owns the Sheraton Hotel building in Moscow at ul. Tverskaya-Yamskaya 19. Its ultimate beneficiary is a Mr. Novaschuk, who acts on behalf of a major financial-industrial group with more than R1trn in assets. The group’s interests centre on banking, the production and refining of oil, and (mainly commercial) real estate development.
At this time the Company has no financial debt. Plans call for taking on a R5353mn loan at 15% per annum for upwards of 20 years to buy out Novaschuk’s stake in parent companies on behalf of the group.