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Rating der SeniVita Social Estate AG auf C herabgestuft

Hamburg (ots)

Euler Hermes Rating stuft das Emittentenrating und das Emissionsrating der Wandelanleihe 2015/2025 der SeniVita Social Estate AG von CC auf C herab. Der Ausblick für beide Ratings ist unbestimmt.

Ausschlaggebend für die Herabstufung des Emittentenratings der SeniVita Social Estate AG (SSE) von CC auf C sind erhöhte Risiken durch eine Abschwächung der Zahlungsfähigkeit, so dass Euler Hermes Rating von einem weiteren Anstieg des stark erhöhten Finanzrisikos ausgeht. Die Ertragskraft der SSE Gruppe wird durch fehlende Neuprojektierungen, die geringe Auslastung der Pflegeeinrichtungen sowie hohe Aufwendungen im Zusammenhang mit der Sanierung des Unternehmens als sehr schwach bewertet. Die Kapitalstruktur sowie Entschuldungspotenziale und Zinsdeckungen bewertet die Ratingagentur aufgrund des negativen Eigenkapitals der SSE und des hohen Finanzierungsbedarfs gleichfalls als sehr schwach. Negativ bewerten die Analysten Liquiditäts- und Haftungsrisiken im Zusammenhang mit der Insolvenz der Gesellschafterin Dr. Wiesent Sozial gGmbH.

Das Geschäftsrisikoprofil der SSE Gruppe bewertet Euler Hermes Rating als stark erhöht. Negativ bewertet die Agentur insbesondere erhöhte Projektentwicklungs- und Betreiberrisiken im Zusammenhang mit der Covid-19-Pandemie. Das abgeschwächte wirtschaftliche Umfeld und eine geringere Marktliquidität beeinflussen die Verkaufsmöglichkeiten von Wohneinheiten und damit das Geschäftsmodell zusätzlich negativ.

Euler Hermes Rating sieht erhöhte Reorganisations- und Sanierungsrisiken sowie negative externe Einflüsse durch die Mitgesellschafterin Dr. Wiesent Sozial gGmbH, die am 16. Dezember 2020 einen Insolvenzantrag gestellt hat. Aufgrund des sehr schwachen Ankerratings führen die operationellen Risiken und negativen externen Einflüsse zu keiner weiteren Herabstufung.

Euler Hermes Rating stuft das Emissionsrating der Wandelanleihe 2015/2025 (ISIN DE000A13SHL2, WKN A13SHL) der SeniVita Social Estate AG ("SSE") aufgrund der Abschwächung des Emittentenratings der SeniVita Social Estate AG um einen Notch herab (C). Einflussfaktoren sind die Abschwächung der Rückführungsquote, der nicht nachrangige Anleihestatus sowie die angemessenen Gläubigerschutzrechte in einem Ausfallszenario der besicherten Inhaber-Teilschuldverschreibungen.

SeniVita Social Estate AG ist ein Projektentwickler von Immobilien für seniorengerechtes betreutes Wohnen (Pflegekonzept "AltenPflege 5.0/6.0"). Die SeniVita Social Estate AG erzielte 2019 mit 38 Mitarbeitern einen nicht konsolidierten Umsatz von EUR 27,8 Mio.

Die Zusammenfassungen der Ratingberichte der Emittenten- und Emissionsratings sowie die relevante Rating Methode sind auf eulerhermes-rating.com veröffentlicht.

SeniVita Social Estate AG https://www.ehrg.de/senivita-social-estate-ag/

SeniVita Social Estate AG (Emission - Wandelanleihe 2015/2025) https://www.ehrg.de/veroeffentlichungen/senivita-social-estate-ag-emission/

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