European rating agency. Objective, transparent, independent.
European rating agency. Objective, transparent, independent.

Buma Lux Notes 2018

BUMA I S.C.S SICAV-RAIF

Rating History

Rating Watch Outlook Decision Date Action Validity Date Maximum Validity
BBB- Outlook STA 31.10.2019 05.11.2019 31.01.2047
BBB- Outlook STA 12.09.2018 14.09.2018 31.01.2047

News

  • 05.11.2019
    Creditreform Rating has affirmed the rating of the bearer bonds with ISIN XS1878453353 issued by BUMA I S.C.S. SICAV-RAIF to BBB- / outlook stable. The issue proceeds has been invested in an infrastructure fund of funds, which itself will invest in infrastructure funds worldwide with different geographical and strategic focus. The fund will be managed by a Luxembourg-based alternative investment fund manager (AIFM) with sufficient management capabilities. The investment advisor is a German-based investment advisory firm with a significant track record. The main reasons behind the decision are the performance of the portfolio assets which is related to partly regulated businesses, as well as the established credit enhancement formed by equity shares. Expected cash flows were tested, taking into account several stressed scenarios. The bearer bonds benefit from different credit enhancements, which will partly be built up over the term of the bonds. According to our analyses and under consideration of diverse stressed scenarios, the expected portfolio cash flows are sufficient to fulfill the claims of the bondholders.
  • 14.09.2018
    Creditreform Rating has set the rating of the bearer bonds with ISIN XS1878453353 issued by BUMA I S.C.S. SICAV-RAIF to BBB- / stable. The issue proceeds will be invested in an infrastructure fund of funds, which itself will invest in infrastructure funds worldwide with different geographical and strategic focus. The fund will be managed by a Luxembourg-based alternative investment fund manager (AIFM) with sufficient management capabilities. The investment advisor is a German-based investment advisory firm with a significant track record. The main reasons behind the decision are the expected credit quality of the portfolio assets which is related to partly regulated businesses. Expected cash flows were tested, taking into account several stressed scenarios. The bearer bonds benefit from different credit enhancements, which will partly be built up over the term of the bonds. The issuer will initially be funded with equity, which will serve as a first loss piece. According to our analyses and under consideration of diverse stressed scenarios, the expected portfolio cash flows are sufficient to fulfill the claims of the bondholders.