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European rating agency. Objective, transparent, independent.

4,40%- Gedeckte Inhaberschuldverschreibungen

Herrenhausen Investment S.A., Compartment 3

Rating History

Rating Watch Outlook Decision Date Action Validity Date Maximum Validity
BBB+ Outlook NEG 27.04.2020 29.04.2020 28.06.2024
BBB+ Outlook STA 01.02.2019 19.02.2019 28.06.2024
BBB 09.01.2018 10.01.2018 28.06.2024

News

  • 29.04.2020
    Creditreform Rating has set the rating of the bearer-bonds with ISIN DE000A1ZSFK3 issued by Herrenhausen Investment S.A., acting on behalf of its Compartment 3 to BBB+. The outlook is set to negative (stable). The issue proceeds of this securitization were used to purchase a junior loan, which in turn was used to finance a shopping center in Berlin. The purchased loan participates subordinated to the senior loan facility collateral package consisting, among other things, of mortgages on the property and further manadatory pledges. The current loan-to-value ratio in connection with the previously stabilized annual net rental income confirm the rating at the current level. The negative outlook results from the unforeseeable effects and the expectation of at least a temporary delay of payments of the loans, which could result from the COVID-19 pandemic. Medium and long-term effects from containment measures as well as a deteriorating economic environment could also have a negative impact on the operational performance of the property. According to our calculations, the average cash flow serving the bearer bonds, taking into account stressed scenarios, is sufficient to cover all claims under the bonds to the bondholders.
  • 19.02.2019
    Creditreform Rating has set the rating of the bearer-bonds with ISIN DE000A1ZSFK3 issued by Herrenhausen Investment S.A., acting on behalf of its Compartment 3 to BBB+. The outlook is set to stable. The issue proceeds of this securitisation have been used to purchase a junior loan facility which on his part has deployed the funds to finance a shopping center in Berlin. The purchased loan ranks junior to the senior loan facility and benefits from senior secured collateral which consist besides others of a mortgage over the property. A sustainable reduction of the loan-to-value ratio has fostered the rating upgrade, even though, the oprating performance of the underlying shopping centre leaves room for further improvements. According to our calculations for the bearer-bonds based on the average consideration of diverse stressed scenarios, the expected recovery proceeds are sufficient to fulfill the claims of the bondholders.
  • 10.01.2018
    Creditreform Rating has confirmed the rating of the bearer-bonds with ISIN DE000A1ZSFK3 issued by Herrenhausen Investment S.A., acting on behalf of its Compartment 3 with BBB. The issue proceeds of this securitisation have been used to purchase a junior loan facility which on his part has deployed the funds to finance a shopping center in Berlin. The purchased loan ranks junior to the senior loan facility and benefits from senior secured collateral which consist besides others of a mortgage over the property. According to our calculations for the bearer-bonds based on the average consideration of diverse stressed scenarios, the expected recovery proceeds are sufficient to fulfill the claims of the bondholders.