OREANDA-NEWS. National Rating Agency has withdrawn its credit rating on NEBO CJSC (ZAO NEBO) due to expiry of the contract. The company gets an exit rating of 'BB-'. ZAO NEBO was assigned NRA's first-time credit rating of 'A' on Mar. 21, 2014. The rating affirmed on June 6, 2015 based on the company's support rating of 'RS4'.

The exit rating does not factor in the above-mentioned support rating, which has been withdrawn along with ZAO NEBO's credit rating. The lack of external support brings about significant risks associated with the company's investments, debt burden and growth strategy in the context of adverse market conditions. It is these factors that warrant an exit rating that is lower than ZAO NEBO's stand-alone rating assigned earlier.

ZAO NEBO was founded in 2012 for the needs of constructing the NEBO Mall in the Solntsevo District of Moscow. The project was financed with investors' own funds and through a bond issue by Fargo Finance Ltd.