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

Eyemaxx Real Estate AG (Konzern)

Rating History

Rating Watch Outlook Decision Date Action Validity Date Maximum Validity
B- Watch NEW 06.08.2020 14.08.2020 08.06.2021
BB- Watch NEW 09.06.2020 10.06.2020 08.06.2021
BB Outlook NEG 24.04.2020 28.04.2020 11.06.2020
BB Outlook STA 12.06.2019 14.06.2019 11.06.2020
BB Outlook STA 14.06.2018 19.06.2018 13.06.2019
BB Outlook STA 19.06.2017 19.06.2017 18.06.2018
BB Outlook STA 28.02.2017 02.03.2017 16.06.2017
BB 17.06.2016 20.06.2016 16.06.2017
BB- Watch UNW 29.04.2016 02.05.2016 18.06.2016
BB- 19.06.2015 24.06.2015 18.06.2016
BB- 30.09.2014 02.10.2014 19.06.2015
BB Watch NEW 27.08.2014 27.08.2014 19.06.2015
BB 20.06.2014 20.06.2014 19.06.2015
BB 28.02.2014 28.02.2014 20.06.2014
BB+ 21.06.2013 21.06.2013 20.06.2014
BB+ 22.06.2012 22.06.2012 21.06.2013
BB 25.07.2011 25.07.2011 24.07.2012

News

  • 14.08.2020
    As part of its monitoring during the year, Creditreform Rating has downgraded the SME Issuer Rating of Eyemaxx Real Estate AG from BB- / Watch NEW to B- / Watch NEW. The main reasons for this are the current liquidity situation and the social and macroeconomic distortions in the course of the COVID-19 pandemic, which have had a considerable impact on the business activities of the Eyemaxx Group and have led to an unexpectedly significant deterioration in its assets, financial and earnings position. Further key reasons for the rating assessment can be found in the press release attached below.
  • 10.06.2020
    Creditreform Rating has downgraded the SME Issuer Rating of Eyemaxx Real Estate AG from BB to BB- and assigned the addition Watch NEW (Watch negative). The outlook no longer applies. Decisive for the rating assessment is the worsened result of the financial ratio analysis for the 2018/2019 financial year, resulting predominantly from a significant increase in debt as well as a deteriorated result due to extraordinary effects. In addition, the social and macroeconomic distortions arising from the COVID-19 pandemic, which significantly impact the business activities of the Eyemaxx Group, have a negative effect on the net assets, financial and earnings positions. The short-term liquidity depends on a planned sale of real estate and properties in Serbia and is therefore to be assessed as tense until the contractual agreement and final payment. In view of the currently challenging market and business environment, which is characterized by uncertainty, we consider the Eyemaxx Group to be exposed to increased risks with regard to short-term refinancing needs, especially for the 16/21 bond that matures in March 2021.
  • 28.04.2020
    Creditreform Rating has adjusted the outlook for the SME issuer rating of Eyemaxx Real Estate AG (BB) from stable to negative. The main reasons for this are the social and macroeconomic upheavals as a result of the COVID-19 pandemic, which have significantly impacted the business activities of the Eyemaxx Group. In addition to the sharp decline in demand of real estate in the key markets of Germany and Austria, delays in construction projects and increasing rent and tenant default risks are expected to have a negative impact on the Eyemaxx Group's net assets, financial position and results of operations. Even though the extent of adverse effects cannot be adequately estimated at the moment and will crucially depend on the duration and severity of the pandemic, as well as on the governmental and institutional behavioral guidelines and support measures, the liquidity appears to be secured in the short term - through a capital increase in early March 2020, as well as the implementation of short-time work and other cost-cutting measures. Due to the expected decline in sales and earnings, we consider additional borrowings and a deterioration of the financial ratio analysis to be possible, which will have an overall negative impact on the rating.
  • 14.06.2019
    Creditreform Rating has confirmed the corporate rating of EYEMAXX Real Estate AG with BB. The outlook is stable. Significant for the rating assessment is the profitable business growth, which should continue considering the continuing good (opportune) market situation and the flourishing project pipeline. We evaluate the financial and liquidity position of the Eyemaxx Group overall as stable, even though rising debt and short-term refinancing requirements are dampening on the rating assessment. The actions in the project business, the structural ranking of investments in project developments and the group-wide leverage in combination with the key figure level continue to have a limiting effect on the rating.
  • 19.06.2018
    Creditreform Rating has set the corporate rating of EYEMAXX Real Estate AG unchanged to BB within the follow-up rating. The primary reason behind this decision is an overall stable financial and profit situation of the group which is characterized mainly by an increase in sales and return, the implemented equity measures as well as the expansion of debt. We regard the business prospects based on the project pipeline and the implementation of the projects as good although an increase of demands and risks in connection with the acquisition of major projects has to be considered. The planned profitability of the expanded business model and overall fulfillment of the ambitious multi-year plan in both operating and financial terms remain to be seen. Due to various bonds, EYMAXX Real Estate AG is exposed to bullet financing risks which will be intensified if the convertible bonds will not be converted. Given the adequate current liquidity situation and taking into account the opportunity/risk profile of the company we consider the confirmation of the rating as appropriate. The rating outlook is stable.
  • 19.06.2017
    Creditreform Rating has set the corporate rating of EYEMAXX Real Estate AG unchanged to BB within the follow-up rating. This is based on the economic development respectively the development of the financial and profit situation of the group in general. The business prospects based on the project pipeline and the implementation of the projects are considered to be good. The planned profitability of the expanded business model and overall fulfillment of the ambitious multi-year plan in both operating and financial terms remain to be seen. Due to various bonds, EYMAXX Real Estate AG is exposed to bullet financing risks which will be intensified if the convertible bonds will not be converted. Given the adequate current liquidity situation and taking into account the opportunity/risk profile of the company we consider the confirmation of the rating as appropriate. The rating outlook is stable.