S&P Global Ratings agency confirming the credit rating of Setl Group
2018 june 29
S&P Global Ratings has confirmed the Setl Group holding’s public rating at B+. The rating outlook is “Stable.” Currently, the international В+ is the highest public rating in Russia by S&P Global Ratings for developer companies. “The positive factors for confirming the Holding’s rating at a high level were retention of the company’s leading position in the market of St. Petersburg and Leningrad Oblast, achievement of all declared operating and financial results, and impressive liquidity cushion, in particular as regards undrawn limits for confirmed credit lines,” tells Yan Izak, General Manager of Setl Group. “Continuing a conservative credit policy ensures lower borrowings and higher duration of the Holding’s credit portfolio.” The Setl Group holding has one of the largest market shares in St. Petersburg and Leningrad Oblast (12.59% of the realty commissioned in 2017) and is in the top three Russia's largest residential property developers. In all, since the date of its establishment, the Holding has completed construction of and commissioned over 4.4 million sq. m of total area of residential and commercial real estate. Along with this, the 2017 results showed an increase in operations: the commissioning by Setl Group in terms of total area of projects grew by 28% (1.22 million sq. m against 0.95 million sq. m in the preceding year); the Holding’s sales in money terms increased by 9%. The IFRS-based earnings of Setl Group grew by 62.4% in 2017 as compared to 2016, making 99.7 billion rubles. The EBITDA ratio was 10.3 billion rubles, increasing by 29.3% compared to 2016.
Companies of Setl Group holding