RAIMON LAND Tris raises concerns
TRIS Rating has affirmed the company rating on Raimon Land Plc (RML) at “BBB-” with a “stable” outlook.
The rating reflects RML’s volatile operating performance, rising financial leverage, and well-accepted brand name in the high-end segment of the condominium market.
The rating also incorporates concerns over rising competition in the high-priced condominium segment and the cyclicality of the residential property industry.
The rating is not affected by the changes in the composition of major shareholders and board of directors after the completion of the transaction between RML and KPN Land Co., Ltd. (KPNL) as the management team remains intact.