Credit rating rationale. The issue represents senior unsecured debt of LEGENDA LLC (hereinafter, LEGENDA LLC, or the Company). Due to the absence of either structural or contractual subordination of the issue, ACRA regards it as equal to other existing and future unsecured and unsubordinated debt obligations of the Company in terms of priority. According to ACRA’s methodology, the recovery rate for unsecured debt belongs to category I, and therefore, the credit rating of the issue is BBB(RU), i.e. on par with the credit rating of the Company.
The credit rating of LEGENDA LLC is based on the medium assessments of its operational risk profile and business size, low leverage, high coverage, very high profitability, and strong liquidity. The rating is constrained by the very high industry risk (residential real estate construction).
KEY ISSUE PROPERTIES
|
Borrower |
LEGENDA LLC |
|
Borrower’s credit rating |
BBB(RU), outlook Positive |
|
Actual issuer |
LEGENDA LLC |
|
Type of security |
Exchange-traded interest-bearing non-convertible uncertificated bond, series 002P-03 |
|
Issue volume |
RUB 2 bln |
|
ISIN / Registration number |
RU000A108PC1 / 4B02-03-00368-R-002P |
|
Placement start date |
June 14, 2024 |
|
Maturity date |
June 4, 2026 |
Sources: ACRA, issuer’s data
REGULATORY DISCLOSURE
The credit rating has been assigned under the national scale for the Russian Federation based on the Methodology for Assigning Credit Ratings to Financial Instruments under the National Scale for the Russian Federation and the Key Concepts Used by the Analytical Credit Rating Agency within the Scope of Its Rating Activities.
A credit rating has been assigned to the series 002P-03 (RU000A108PC1) bond issue of LEGENDA LLC for the first time. The credit rating is expected to be revised within one year following the publication date of this press release.
The credit rating was assigned based on data provided by LEGENDA LLC, information from publicly available sources, and ACRA’s own databases. The credit rating is solicited and LEGENDA LLC participated in participated in its assignment.
In assigning the credit rating, ACRA used only information, the quality and reliability of which were, in ACRA’s opinion, appropriate and sufficient to apply the methodologies.
ACRA provided no additional services to LEGENDA LLC. No conflicts of interest were discovered in the course of credit rating assignment.
