European rating agency. Objective, transparent, independent.
European rating agency. Objective, transparent, independent.

Bruneckerstraße Ost GmbH, 3,75% Besicherte Teilschuldverschreibungen 2013/2023

Bruneckerstraße Ost GmbH

Rating History

Rating Watch Outlook Decision Date Action Validity Date Maximum Validity
A+ Outlook STA 09.07.2020 16.07.2020 08.07.2021
A+ Outlook STA 16.07.2019 26.07.2019 15.07.2020
A+ Outlook STA 17.07.2018 20.07.2018 16.07.2019

News

  • 16.07.2020
    Further details regarding the regulatory requirements according to ESMA (European Securities and Markets Authority) Guidelines 33-9-320 can be found in the document attached below.
  • 26.07.2019
    Creditreform Rating has set the issuance rating for the bond with ISIN AT0000A10UC8 issued by Bruneckerstrasse Ost GmbH unchanged at A + with a stable outlook. Overall, we still consider the structural and operational risk to be reduced. Credit and portfolio risks are mainly determined by the creditworthiness of the commercial tenant structure of PEMA Tower headline. The performance of the tenant portfolio has improved successively. Currently, the property is fully let except for smaller storage areas and is in the stabilized phase. On the basis of the currently prepared valuation report, the LTV ratio of the relevant financing is approx. 58.3%. Taking into account the terms of significant lease agreements as well as the stabilizing effects of the tenant structure, the bond should be eligible for refinancing in 2023, at maturity. Even in stressed scenarios the cash flow analysis shows that all obligations are covered under the senior secured bond.
  • 20.07.2018
    Creditreform Rating has set the rating of the bond with ISIN AT0000A10UC8, issued by Bruneckerstraße Ost GmbH, to A+ with stable outlook. Overall, we consider the structural and operative risks to be reduced. Credit and portfolio risks are mainly determined by the creditworthiness of the commercial tenant structure of PEMA Tower headline. The performance of the property has gradually improved, however, it remains below the targeted level as a result of various effects. The annual valuation reports show an improvement of the LTV ratio. Taking into consideration the duration of significant lease agreements as well as the stabilizing effects of the tenant structure, the bond should be eligible for refinancing in 2023, at maturity. Even in stressed scenarios the cash flow analysis shows that all obligations are covered under the senior secured bond.