Creditreform Rating has set the rating for the bearer bonds with the ISIN DE000A2R7R78 issued by Herrenhausen Investment S.A., acting for the account of their Compartment 6 to BBB- with stable outlook. The proceeds from the issue serve to buy two sub-participations in a syndicated financing for a real estate project development. The rating assessment is based on the indirect participation of the bondholders in real estate financing secured by mortgages with a common collateral pool and the good to outstanding micro-location of the property. Typical real estate development and construction risks can be derived. The subordination of bondholders in the event of liquidation and the marketing strategy, some of which is opportunistic, are rating limiting factors. According to our calculations, a risk-oriented and weighted consideration of scenarios results in expected repayment rates that are sufficient to fully repay the loans secured by real estate liens and accordingly the bonds thus covered to the bondholders.