Real Estate
Posted: 4 years ago

Scope Ratings GmbH Awarded Lisi Development with BB Rating

International rating company Scope Ratings GmbH awarded the real estate developer company “Lisi Development” (JSC “Lisi Leak Development”) with BB rating. At the same time, Scope Ratings GmbH renewed company rating forecast for B + positive perspective.

It should be noted that Lisi Development  is the only company in the real estate sector that has received international credit rating.

The international corporate credit rating company received Scope Ratings GmbH in July, 2018, and this was a B + stable prospect. TBC Bank’s subsidiary “TBC Capital”, was a financial adviser to the company.

In addition, according to the February 2019 data, public liability issued by “Lisi Development” is approved in the system of Clearstream Banking S.A. [1] that makes bonds available to international investors.

“Improvement of this rating forecast from stable to positive perspective emphasizes on the financial stability of the company on the one hand and on the other hand the strong parameters of securities,” said Nodar Adeishvili, “Lisi Development” General Director.

“The BB rating of the bond is a wonderful result. Scope Ratings GmbH once again reiterates the credit quality of the securities, “said Irakli Elashvili, director of” TBC Capital.

Real estate developer Lisi Development implemented a $ 12,000,000 emission bill in December 2018, which is the largest transaction in the corporate public sector segment in 2018. The lending was made through public emission and securities Dialysis on the Georgian Stock Exchange in December, 2018. This emission is the first bond issued by the company, which was provided by TBC Bank’s subsidiary “TBC Capital”.

“Lisi Development” is the leading developer company in the premium segment of real estate in Georgia, which owns 350 hectares of land in the area surrounding the Lisi Lake. In 2017, the company acquired land on the Black Sea coast and plans to develop multifunctional complex and hotel. It’s the only company in the real estate sector in Georgia with an international credit rating.

TBC Capital is the subsidiary and licensed brokerage company of TBC Bank, which offers investment banking services. Since 2017 TBC Capital has become part of TBC Bank’s corporate and investment banking business. The main business decisions of the company are: financial consultations and credit rating services, issue of bonds and stocks, investment research and brokerage activities. “TBC Capital” is a shareholder of the Georgian Stock Exchange and plays an important role in developing the stock market infrastructure.