Scope Ratings also assigned a preliminary rating of "B+" for a planned 10-year, HUF 5 billion senior unsecured bond that GOPD wants to issue in Q2 2022 if the security gets an 80% guarantee from the Hungarian Development Bank (MFB).
The developer would issue the security under the Bond Funding for Growth Scheme (BGS) of the National Bank of Hungary.
A "B+" rating on securities is the threshold for participation in the BGS. In a separate statement, Scope Ratings said the rating reflects GOPD's "strong dependence" on its subsidiary SunDell Estate and its "limited size."
The firm plans to use the proceeds from the HUF 5 bln issue to acquire majority ownership in SunDell (it currently holds a 37.24% stake) and develop other plots, it added. Shares of both GOPD and SunDell Estate, a real estate investment trust (REIT), are listed on the Budapest bourse.
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