Andrey Rodionov, Chief Financial Officer of PIK Group commented: "We are proud to be assigned this high credit rating by the National Rating Agency. We achieved successful results last year and managed a complex debt restructuring, putting the business on a more sound financial footing. We plan to continue our growth, as well as our leadership of the affordable housing segment, and we look forward to 2012 with greater confidence."
London, May 14, 2012 - PIK Group ("PIK" or the "Group"), a leading Russian residential developer, announces that it has been assigned an individual A credit rating by the National Rating Agency (NRA), one of the leading ratings agencies in Russia. NRA is officially accredited by the Russian Ministry of Finance, the Central Bank of Russia, Vnesheconombank, MICEX, the National Stock Market Association and a number of other credit and finance organizations. NRA analysts commented that the assigned rating reflects PIK's leadership position in the affordable housing market segment, as well as improved operational and financial results for 2011, high standards of corporate governance and transparency, the effectiveness of Group management and the overall strategic importance of the Group.
key is that mortgage products (like in UK) are now becoming available, prior to that it was pretty much cash only purchases. So now house purchase can be more readily achievable by the middle classes.
This was released from CEO of PIK Group,
"The market for residential property continues to show signs of steady improvement, with Moscow leading the way. The Russian economy enjoys a strong fiscal position and is well placed to underpin the recovery of strategically important sectors such as residential real estate. Mortgage lending is improving and we believe the Company is now showing a sustainable trend of improving cash collections"
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