OREANDA-NEWS. RusRating has assigned a credit rating to AO Khorus Finans (Moscow). The rating is "A-" on the national scale and "BB+" on the international scale, in both cases with a stable outlook.

The rating is based on the significant market value of the assets held by the parent company (Horus Retail Principal B.V.), the investment attractiveness of that company’s real estate development projects, scope for support from the Company’s ultimate beneficiary owner, and the owner’s considerable experience with development projects.

Constraining factors include the fact that most current Horus group projects are still in their early stages plus an anticipated rise in the group’s debt burden as those projects proceed.

AO Khorus Finans [trs. Horus Finance JSC] is a private-sector Russian company that acts as an SPV for the Horus real estate development group. The group is currently completing construction of the 298 000 m2 Riviera retail and entertainment complex and is planning construction of multi-functional complexes with a total floor space of 771 000 m2 near the Kotelniki and Salarievo transfer hubs, as well as Yaroslavka Mall and Podolsk Mall (two retail and entertainment facilities with a combined floor space of 245 500 m2). The current assessed value of the Horus group’s assets is approximately R38bn. Its ultimate beneficiary owner is Sergei Eduardovich Gordeyev.

The Company’s own assets consist of loans extended to the parent Horus Retail Principal B.V., on whose balance sheet all group projects have been consolidated. Obligations consist of three bond issues. Liquidity is sufficient. Risk sensitivity is moderate.