Appeninn Plc. received the rating necessary for the participation in the Bond Funding for Growth Scheme issued by the Hungarian National Bank. In the scope of the scheme started on 1 July 2019, the central purchases high rating bonds of 3-10 years of maturity issued privately or publicly by non-financial companies registered in Hungary of a total amount of HUF 300 billion.
The rating of Appeninn bonds is BB-, which means that the minimum requirement of B+ specified by the Hungarian National Bank is met, and the company’s rating is B+. Thus the BB- rating of the company’s bonds outperformed the company’s rating by a rank. The rating of the bonds was performed by Scope Ratings GmbH registered by European Securities and Markets Authority (ESMA).
The company plans to issue bonds of a total value of HUF 20 billion, and the generated revenue would be spent on the implementation of the acquisition plans, and refinancing.
In the scope of the rating, the 97% exploitage of the company, listed by the Budapest Stock Exchange in premium category was especially positively rated by the rating agency. The rating given by Scope Ratings will bring about portfolio cleaning – by way of the sale of the properties outside of the company’s main business activity – and then acquisition activity, planned by the company’s management. The bonds may be issued subsequent to the relevant authorisation given by the general meeting.