Market announcement
Baltic Horizon Fund / Northern Horizon Capital AS
LEI code
5299008IKT93E4SA0G49
Size of the entity
Small undertaking
Economic activities
Financial and Insurance Activities
Industry sector(s)
Management company
Country of registered office
Estonia
General information
Categories
Other corporate action
Unique data record identifier
10229
Submission date and time
07.04.2023 11:00:00
Content of announcement in Estonian
Title
S&P Global Ratings alandas Baltic Horizon Fondile turu keskmise suurusega ettevõtete krediidivõimelisuse hinnangus reitingut „MM3“-lt „MM5“-le
Message
6.aprillil 2023 määras S&P Global Ratings Baltic Horizon Fondile (?Fond") turu keskmise suurusega ettevõtete krediidivõimelisuse hinnangus (Mid-Market Evaluation, MME) reitingu ?MM5". MME skaalal olev "MM5" reiting vastab indikatiivselt ülemaailmse reitingu skaalal ?B / B+" reitingule. Varasem reiting, ?MM3" määrati Fondile aprillis 2018 seoses 8.mail 2023 lunastuvate võlakirjade emissiooniga. S&P Global Ratings eeldab Fondi krediidinäitajate nõrgenemist seoses halvenenud majanduskeskkonna ja krediiditingimustega ning kapitaliturgude volatiilsusega. Reitinguagentuur näeb lähema kahe aasta perspektiivis ette Fondi objektide täituvusnäitajate ja tootluse püsimist praegusel tasemel või vähest kasvu. Fondi juhtkond on lõpule viimas võlakirjade refinantseerimise lahendust, millest teavitatakse turgu käesoleva kuu jooksul ning mis peaks andma vastused S&P Global Ratings poolt raportis tõstatatud ebamäärasusele. Lisainformatsiooni saamiseks palume kontakteeruda: Tarmo Karotam Baltic Horizon Fondi fondijuht E-mail [email protected] (https://www.globenewswire.com/Tracker?data=QLQrAmHGH10Xv3LxINf3KqdPWJeSFeuk0mS0 i6gtGljNaQ7Mk-3bes9uBm4lf1z8uQfOb6SNzqU90Uge1ZoVG_k_zPFeZSe2pF6QqQYv8uW9NR2f- D4p2FAinQemLhUlzJtcwRjgZLpVXo4o3Si1H5ilx0OrhRXzQj3IJORxDZmEKjBP51hONsMys5KFmdhku aEHUkdLW6xbbqGJT31DypW4Pn0j_lMgRLVi8_IBKQWD38hYUVHfa9- gjUxir_6Glwek0ZC3crlLHLi5WTmwU6ynN7eeJcS4NDqyX6mvKJC3le0Mg- Ei2ADIiKXdMjehCJv7_jW_krziNM0iAqoA3GRSM- Ymi2HW_yDeFqeWOQLf1e6GxV0y1jWpRnca1WR7R1AgAC7Y7wNph8OHE- fKSPQBxbKJIsrhcagKCc0xl2MRP8i3qcfmRcj2Pl69Smopn0Ijk6dIcwebdy_hq_- vfbcFFXDbZiLsFTpdeawrVdWjisZMP9vvA-YYD7- vmiizmV0lgOsnho9H5gJ4syGMi5pmUFg2GCSmP2ZSvnCWyQGrB_rpggSB2doyrJfQqpU20Ghk2RdXt2i LLG1NdAJitWR21urHmFc6Vbc2uY2HFoQJj_ylFIhrXujdMOL- yFnkq--Dxao5Cwz1WyflgATXOORfXdS1Wf22cGfkDtjsCOu-1aRscDAJWf-FTtSmB4B2K39dT_c6SAwQ hpb5FdRpDQqbDproierFsRneLBqN8jFitq8t2TdsJ8bq_VdW4JnxNhe90uJ_b_F2kdEY53PX3ITS0oRD fxrqIDkd3a5s7J8=) www.baltichorizon.com (https://www.globenewswire.com/Tracker?data=Z3P5ZpevYzEyneCRPAGjPbq1Q9KQS7AHXZFj aJPurAt-lQ8Jwz4z4hMTtPzzekFpgwPnhRE1WzEB23JPBkLa0u79rFPvTAi2D4w70TLC8- z6SWt69VmXLsNSToqtRxeaqimcayRqUzdGm4EiuuSCMTW4i-ulfqsUAE- tFz_ADVg9rgmryY2_34GNUFUx5rDxqy1qwFI56rm_qStid6kwgnmXDbzjkFiOBs67qTDjoxYOGvRWlOh b29FJCIB7xpcgOTB7YGEDiDgjgt4ba71Cs6VKGd- WtL8lwQgq9rWvnkLYbol2OBLx8e_OTWYwjba4m6xCYr4JngJAYfXBJGwWpfiD7RQ9PmxqcHDzRv4FLGX aljF602idiAA31i4fZnL9RAPdewQQF- boL5CCle8KWBDfUl_WinB0cYAc6YnQFY8VjrIlVSVl53VFiGe1zRH8Y0k3I- rBYj5SHIrz6skPEQdFcJJ7grW4RUe0gQ5pWdXNIhBPwlQKEilBIG8hktRPsmvZY0LXZZ0skMC5ddusN0 4kDuKaeeYuzS9_g4B6JiSAHXcGVjsAz2a60HY6PdMVIKiiX8_Z7rLrqPTc1PAHAXu6d0llMPyzOhM14s ekGJzoPURtPMRTD377xrOsurubi2O9YhlffVP_v3lf_mPORVDiZ73HD10CuQ- ALKtxmfCLnNWZcEG9ATm2vrG9XisYc6nmvXqgjHeeLiBi45Emcuc8rch7LajZ0edWQHGHPLBP9kUpJNe _Ie_mbaqRn_JZ7IDdLzBUZxgIRxgAbJZE3A==) Baltic Horizon Fond on registreeritud lepinguline avalik kinnine kinnisvarafond, mida valitseb alternatiivfondivalitseja Northern Horizon Capital AS. Avaldamine: GlobeNewswire, Nasdaq Tallinn, Nasdaq Stockholm, www.baltichorizon.com (https://www.globenewswire.com/Tracker?data=Z3P5ZpevYzEyneCRPAGjPbq1Q9KQS7AHXZFj aJPurAskmEPDC4PilvZCsPrIZs8iUCw_vxTuqoZb0qXa97aOYdi8G7ORorsj08Gorsy1rairtrDg_iH6 RxnDEMDRVU7P02M_mY17Uj4EIQFLbtXOv49LkL5qLTyZoQ8gzPEm- qFHPrMxsHEb4FfV6DAD2m6sHqxssgdi0bpDhaJDNNxMkV2TaUsQ- E_Bv_dIz5aBQM8wSZmZbP_8e8enrjrZDLe5mtoWSHfFz1wELfDxx1Qg22mFwKGZNbHzPd4i3t1yNbA- uxUEv25gmUrUP2RKjp9N8NlvmCYHW4NdKAKtLaeBiK- h7tGNMpFLiwpgcOEijrN2YdD05LoV68TUh1tPOBwFMcNAg--CxnRYd_DvaHukYh7zodTQbUSzK5gar1- GCDkQZR9V2aWTVVEc56CxpDwWiCMMpHK3is8Nb7NHPpkUxZ9O-ZN3-Anf0cuQDjmjbiLmPPkvTcFWxQV gnHHzav0k)
Content of announcement in English
Title
Baltic Horizon Fund Mid-Market Evaluation Rating by S&P Global Ratings lowered to 'MM5' from 'MM3'
Message
On 6 April 2023, S&P Global Ratings assigned the 'MM5' mid-market evaluation (MME) rating to Baltic Horizon Fund (the "Fund"). The indicative corresponding rating between the MME rating scale of 'MM5' to the global rating scale is 'B / B+'. The initial rating 'MM3' was assigned to the Fund in April 2018 in connection with the issue of bonds maturing on 8 May 2023. S&P Global Ratings expects a weakening in the credit metrics of the Fund given worsening economic conditions, tightening lending conditions and capital markets volatility. The rating agency expects the Fund's occupancy rates and operational performance to remain relatively stable or slightly increase over the next two years. The Fund's Management team is finalizing a bond refinancing solution that will be announced this month. It should address the uncertainties raised by S&P Global Ratings in its mid-market evaluation report. For additional information, please contact: Tarmo Karotam Baltic Horizon Fund manager E-mail [email protected] (https://www.globenewswire.com/Tracker?data=QLQrAmHGH10Xv3LxINf3KqdPWJeSFeuk0mS0 i6gtGljNaQ7Mk-3bes9uBm4lf1z8uQfOb6SNzqU90Uge1ZoVG_k_zPFeZSe2pF6QqQYv8uW9NR2f- D4p2FAinQemLhUlzJtcwRjgZLpVXo4o3Si1H5ilx0OrhRXzQj3IJORxDZmEKjBP51hONsMys5KFmdhku aEHUkdLW6xbbqGJT31DypW4Pn0j_lMgRLVi8_IBKQWD38hYUVHfa9- gjUxir_6Glwek0ZC3crlLHLi5WTmwU6ynN7eeJcS4NDqyX6mvKJC3le0Mg- Ei2ADIiKXdMjehCJv7_jW_krziNM0iAqoA3GRSM- Ymi2HW_yDeFqeWOQLf1e6GxV0y1jWpRnca1WR7R1AgAC7Y7wNph8OHE- fKSPQBxbKJIsrhcagKCc0xl2MRP8i3qcfmRcj2Pl69Smopn0Ijk6dIcwebdy_hq_- vfbcFFXDbZiLsFTpdeawrVdWjisZMP9vvA-YYD7- vmiizmV0lgOsnho9H5gJ4syGMi5pmUFg2GCSmP2ZSvnCWyQGrB_rpggSB2doyrJfQqpU20Ghk2RdXt2i LLG1NdAJitWR21urHmFc6Vbc2uY2HFoQJj_ylFIhrXujdMOL- yFnkq--Dxao5Cwz1WyflgATXOORfXdS1Wf22cGfkDtjsCOu-1aRscDAJWf-FTtSmB4B2K39dT_c6SAwQ hpb5FdRpDQqbDproierFsRneLBqN8jFitq8t2TdsJ8bq_VdW4JnxNhe90uJ_b_F2kdEY53PX3ITS0oRD fxrqIDkd3a5s7J8=) www.baltichorizon.com (https://www.globenewswire.com/Tracker?data=Z3P5ZpevYzEyneCRPAGjPbq1Q9KQS7AHXZFj aJPurAt-lQ8Jwz4z4hMTtPzzekFpgwPnhRE1WzEB23JPBkLa0u79rFPvTAi2D4w70TLC8- z6SWt69VmXLsNSToqtRxeaqimcayRqUzdGm4EiuuSCMTW4i-ulfqsUAE- tFz_ADVg9rgmryY2_34GNUFUx5rDxqy1qwFI56rm_qStid6kwgnmXDbzjkFiOBs67qTDjoxYOGvRWlOh b29FJCIB7xpcgOTB7YGEDiDgjgt4ba71Cs6VKGd- WtL8lwQgq9rWvnkLYbol2OBLx8e_OTWYwjba4m6xCYr4JngJAYfXBJGwWpfiD7RQ9PmxqcHDzRv4FLGX aljF602idiAA31i4fZnL9RAPdewQQF- boL5CCle8KWBDfUl_WinB0cYAc6YnQFY8VjrIlVSVl53VFiGe1zRH8Y0k3I- rBYj5SHIrz6skPEQdFcJJ7grW4RUe0gQ5pWdXNIhBPwlQKEilBIG8hktRPsmvZY0LXZZ0skMC5ddusN0 4kDuKaeeYuzS9_g4B6JiSAHXcGVjsAz2a60HY6PdMVIKiiX8_Z7rLrqPTc1PAHAXu6d0llMPyzOhM14s ekGJzoPURtPMRTD377xrOsurubi2O9YhlffVP_v3lf_mPORVDiZ73HD10CuQ- ALKtxmfCLnNWZcEG9ATm2vrG9XisYc6nmvXqgjHeeLiBi45Emcuc8rch7LajZ0edWQHGHPLBP9kUpJNe _Ie_mbaqRn_JZ7IDdLzBUZxgIRxgAbJZE3A==) Baltic Horizon Fund is a registered contractual public closed-end real estate fund managed by Alternative Investment Fund Manager license holder Northern Horizon Capital AS. Distribution: GlobeNewswire, Nasdaq Tallinn, Nasdaq Stockholm, www.baltichorizon.com