TRK-Krasnogorsk LLC Assigned 'A' Credit Rating
The rating is supported by TRK-Krasnogorsk's affiliation with a strong Russian real-estate sector group. The latter is committed to supporting the company financially, although it has no obligation to either provide explicit/ implicit support for TRK-Krasnogorsk or make additional investment in the company. NRA also notes that TRK-Krasnogorsk owns an asset that generates a stable cash flow and covers the company's current liabilities.
The rating is constrained by the commercial real-estate market's challenging environment,TRK-Krasnogorsk's markedly deteriorated profitability and high debt burden. Forex-nominated bank loans taken by the company pressure its financial strength and bottom-line result. That said, NRA notes that the long-term nature of the company's debt helps deter the negative impact of the nominal revaluation of the bank loans taken by TRK-Krasnogorsk.
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