Appeninn Nyrt. has obtained the rating of BB- and B+ for the bonds to be issued under the Growth Bond Programme announced by the Hungarian National Bank, according to the rating agency Scope Ratings.

Appeninn Nyrt. has obtained the qualification required for participation in the Growth Bond Programme of the National Bank of Hungary. Under the programme, which started on 1 July 2019, the central bank will purchase up to HUF 300 billion of bonds issued by non-financial corporates based in Hungary, with an original maturity of 3-10 years, issued in private or public markets and with a good rating.

Appeninn's bond rating was BB-, meeting the minimum B+ rating requirement for bonds set by the MNB, and the company's rating was B+. The BB- rating of the company's bonds was therefore one notch above the company's rating. The rating of the bonds is issued by the European Securities and Markets Authority (ESMA) registered credit rating agency, the Scope Ratings GmbH.

The company plans to issue bonds worth HUF 20 billion and use the proceeds to implement its acquisition plans and for refinancing purposes.

In the rating, the 97 percent occupancy rate of the real estate company, listed in the Premium Category of the Budapest Stock Exchange, was rated positively by the rating agency. Scope Ratings' rating is based on the company's management's plans to clean up the portfolio by selling properties outside the focus area of the company's business, followed by acquisition activity. The planned bond issue may take place after authorisation by the general meeting.