Ratings Agency Fitch Affirms Credit Status of BI Development Project
In a significant development for the real estate sector, Fitch Ratings has affirmed BI Development Ltd's long-term issuer default rating (IDR) at "BB" with a stable outlook. This rating is a testament to the company's prudent financial strategy and consistent financial performance.
BI Development, a leading player in the EMEA region, has been actively implementing projects in major Kazakh cities. The company's geographic diversification extends beyond the region, with projects in the USA, UAE, Azerbaijan, and Uzbekistan.
Fitch's affirmation comes on the back of BI Development's demonstration of consistent profitability, balanced debt levels, and a reliable financial profile. The company's financial performance is on par with established sector leaders Kaufman & Broad (France) and The Berkeley Group (UK), both rated "BBB-".
BI Development's effective risk management approach is evident in its strong liquidity and phased construction and sales during the construction stage. This approach has enabled the company to maintain a higher regional position than AEDAS Homes (Spain) and Maison Bidco/Keepmoat (UK), with a "BB" rating and stable outlook.
Amanzhol Omarov, General Director of BI Development Ltd, stated that the rating affirmation is a testament to the company's stable strategy and strong financial performance. He further added that the company is committed to a prudent financial policy and plans further growth, aiming to strengthen its positions on both domestic and international markets.
In line with this commitment, BI Development has started or expanded real estate development projects in the Czech Republic, Germany, Poland, Slovakia, and Hungary. The company's expansion into new international markets includes the USA, UAE, Azerbaijan, and Uzbekistan.
As BI Development continues to grow and strengthen its positions, it enhances its liquidity and demonstrates a conservative risk management approach. This approach, combined with the company's consistent financial performance, positions BI Development as a stable and reliable player in the global real estate market.
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