Bond 2017/22 – 6.000% I ISIN DE000A2GSL68

EUROBODEN fully placed its new EUR 25m bond on 23 October 2017, the first date of its public offer.

As the bond is unsecured, its credit quality is closely linked to EUROBODEN’s credit quality and performance. However, as EUROBODEN has disclosed hidden reserves of EUR 78m as at end-September 2017, and has a development portfolio with very well-located assets, Scope believes the bond’s potential recovery is well above market average, lifting the bond’s rating two notches above the issuer rating.

EUROBODEN’s issuer rating of B- as well as the BB- rating of the EUR 15m bond (2013/18 – 7.375% I ISIN DE000A1RE8B0), both with a Positive Outlook, are unaffected.

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Regulatory disclosures

Important information
Information pursuant to Regulation (EC) No 1060/2009 on credit rating agencies, as amended by Regulations (EU) No. 513/2011 and (EU) No. 462/2013

Responsibility
The party responsible for the dissemination of the financial analysis is Scope Ratings AG, Berlin, District Court for Berlin (Charlottenburg) HRB 161306 B, Executive Board: Torsten Hinrichs (CEO), Dr. Stefan Bund.
The rating analysis has been prepared by Philipp Wass, Lead Analyst
Responsible for approving the rating: Werner Stäblein, Committee Chair

Rating history - EUROBODEN GmbH
(Date | Rating action | Rating)
6 October 2017 I Affirmation I B I Positive
29 May 2017 I Affirmation I B I Stable
27 May 2016 I Affirmation I B I Stable
28 May 2015 I Initial Rating I B I Stable
Rating history - EUROBODEN GmbH - Bond 2013/18 – 7.375% (ISIN DE000A1RE8B0)
(Date | Rating action | Rating)
6 October 2017 I Affirmation I BB- I Positive
29 May 2017 I Affirmation I BB- I Stable
27 May 2016 I Affirmation I BB- I Stable
28 May 2015 I Initial Rating I BB- I Stable
Rating history - EUROBODEN GmbH - Bond 2017/22 – 6.000% (ISIN DE000A2GSL68)
(Date | Rating action | Rating)
10 November 2017 I Initial Rating I BB- I Positive
6 October 2017 I Preliminary Rating I BB- I Positive

The rating outlook indicates the most likely direction of the rating if the rating were to change within the next 12 to 18 months. A rating change is, however, not automatically ensured.

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As at the time of the analysis, neither Scope Ratings AG nor companies affiliated with it hold any interests in the rated entity or in companies directly or indirectly affiliated to it. Likewise, neither the rated entity nor companies directly or indirectly affiliated with it hold any interests in Scope Ratings AG or any companies affiliated to it. Neither the rating agency, the rating analysts who participated in this rating, nor any other persons who participated in the provision of the rating and/or its approval hold, either directly or indirectly, any shares in the rated entity or in third parties affiliated to it. Notwithstanding this, it is permitted for the above-mentioned persons to hold interests through shares in diversified undertakings for collective investment, including managed funds such as pension funds or life insurance companies, pursuant to EU Rating Regulation (EC) No 1060/2009. Neither Scope Ratings nor companies affiliated with it are involved in the brokering or distribution of capital investment products. In principle, there is a possibility that family relationships may exist between the personnel of Scope Ratings and that of the rated entity. However, no persons for whom a conflict of interests could exist due to family relationships or other close relationships will participate in the preparation or approval of a rating.

Key sources of information for the rating
• Prospectus
• Website of the rated entity
• Annual financial statements
• Annual reports/semi-annual reports of the rated entity
• Information provided on request
• Data provided by external data providers
• Valuation reports
• External market reports
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• Interview with the rated entity
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Examination of the rating by the rated entity prior to publication
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Methodology
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