«Expert RA» confirms the credit rating of «PIK-specialized homebuilder» at ruA+. The rating outlook is stable.
Analysts note that PIK retains its competitive and market positions, being more than twice ahead of the main competitors in terms of current construction volume. Among the advantages of the company also are: a large and diversified portfolio of projects and high volume of land bank.
The company continues to increase the number of projects throughout Russia — as of June 2022, the volume of current construction of PIK amounted to about 5.7 million square meters. The high level of digitalization of all processes in the company allows it to quickly respond to changes in the pace of construction and sales, which, according to agency observations, also ensures a high degree of control at the level of project coordination and financial cash flows.
Additional rating support:
— substantial amounts of cash on the company’s accounts and high debt service rates — EBITDA interest coverage is about 6.5x;
— high quality of IT systems and constant monitoring of the status of projects with daily updates;
— presence of the company in the most attractive regions of Russia — Moscow and St. Petersburg; — high standards of transparency;
— high level of organization of risk management and corporate governance;
— strong business reputation and operational discipline of the company in terms of the timely project delivery.