Schuldverschreibung zur Investition in den COD I Fonds
Corestate Opportunity Deutschland I S.A.
Action Validity Date
Creditreform Rating has set the issue rating for bearer bonds with ISIN XS1877809266 issued by CORESTATE Opportunity Germany I S.A. unchanged at BBB- / stable. Overall, Creditreform Rating considers the structural risk as average to slightly higher and the operational risk as average. Even though the underlying portfolio has changed more than expected Creditreform Rating believes that the overall assessment of the pursued strategy still entails an average credit and portfolio risk. Taking into account the enhancements to be built up during the term of the bonds the cash-flow analysis indicates a reduced to moderate resilience of the structure.
Creditreform Rating has set the rating of the bearer bonds with ISIN XS1877809266 issued by Corestate Opportunity Deutschland I S.A. to BBB- / stable. The issue proceeds will be invested in a CORESTATE Opportunity Deutschland I fund, an open-end special AIF with fixed terms of issue as defined in KAGB, which itself will invest in real estate assets with geographical focus in DACH region. The fund will be managed by an experienced fund and asset management company with sufficient management capabilities. The main reason behind the decision is the expected cash flows analysis, 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.