ADVERTISEMENT

AutoWallis assigned ‘B3’ issuer rating for BGS participation

MNB

AutoWallis has been assigned a B3 issuer rating by Scope Ratings, the listed automotive holding said in a statement, adding that it is seriously considering participation in the Bond Funding for Growth Scheme (BGS) of the National Bank of Hungary (MNB).

AutoWallis, which is listed in the Equities Prime category of the Budapest Stock Exchange (BÉT), said it is considering several options for the source of funding to implement its strategy, including the possibility of issuing bonds of around HUF 3 billion as part of the BGS, state news wire MTI reported.

CEO Gábor Ormosy said the assignment of the rating is an important milestone for the company, but noted that AutoWallis is not expected to take a decision on the details of a possible bond issue and on ways to utilize the funding before late fall.

Other participants in the central bankʼs corporate bond scheme that have been rated by Scope include alternative energy company Alteo, construction firm Market Építő, auto parts seller Unix Autó, property developer Wingholding, listed holding Opus Global, biorefinery business Pannonia Bio, real estate investor Proform, and road builder Duna Aszfalt.

The MNB launched the HUF 300 bln scheme on July 1, 2019, with the aim of beefing up Hungaryʼs relatively small corporate bond market. The program limits the MNBʼs purchases to 70% of a series and caps its exposure to any corporate group at HUF 20 bln.

Last week, it was reported that some 145 companies with combined total assets nearing around 15% of GDP have registered to date in the MNB’s scheme.

ADVERTISEMENT

Average age of coronavirus patients declining Analysis

Average age of coronavirus patients declining

Parl't votes to phase out savings coops integration framewor... Parliament

Parl't votes to phase out savings coops integration framewor...

Roche Szolgáltató appoints P&C business partner lead Appointments

Roche Szolgáltató appoints P&C business partner lead

Budapest airport shuttle bus service expanded City

Budapest airport shuttle bus service expanded

SUPPORT THE BUDAPEST BUSINESS JOURNAL

Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.