OREANDA-NEWS. RusRating has assigned a credit rating to TEHATTA HOLDINGS LIMITED (Cyprus). The rating is "BB+" on the national scale and "B+" on the international scale, in both cases with a stable outlook.

The rating is based on the quality of the Company’s eurobond portfolio and stable earnings.

Constraining factors include the variable structure of the balance sheet, the Company’s relatively modest size, and dependence on a counterparty whose financial transparency is limited.

About the Company

TEHATTA HOLDINGS LIMITED was set up on 22 February 2012 in Cyprus. A financial company, it operates mainly in the securities market and is owned by Sotirios Pittas, one of its directors.

Assets consist mainly of a loan to a partner firm plus a portfolio of Ak Bars Bank eurobonds; asset quality is rated satisfactory but the Company is significantly exposed to a major counterparty (the above-mentioned partner firm) of limited financial transparency. Most external obligations take the form of repo or TRS (total return swap) contracts. Capital makes up some 40% of liabilities and was formed mainly from unallocated profits. Liquidity is sufficient. Overall risk sensitivity is high.