ACRA confirmed the credit rating of "GC "Airplane"

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AK&M 28 January 2022 17:33

Analytical Credit Rating Agency confirmed the credit rating of PJSC GC Aeroplane on January 27, 2022 at the A-(RU) level, changing the forecast to "positive", and its bonds - at the A-(RU) level. This is stated in the agency's message.

The credit rating of PJSC GC Aeroplane is due to its strong business profile, high profitability of the business, high level of corporate governance, very strong liquidity, very low debt burden, high debt service rating and large business size. At the same time, a very high industry risk, as well as a very weak assessment of cash flow, put pressure on the level of the company's credit rating.

The change in the forecast from "Stable" to "Positive" reflects ACRA's expectations regarding the improvement of debt load, debt service and cash flow indicators due to the further growth of the company's FFO as a result of the growth of the project portfolio, as well as due to the release of free cash flow (FCF) into the positive zone due to the increase in the volume of disclosure of escrow accounts.

Aeroplane is one of the leaders of the housing market in the Moscow Region and New Moscow. Most of the projects are implemented within the framework of integrated development. The company's current construction portfolio is 2.47 million square meters (according to the Developers' Single Resource at the beginning of January 2022).