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Scope affirms B+/Stable issuer rating for Georgian real estate developer Lisi Development

Scope affirms B+/Stable issuer rating for Georgian real estate developer Lisi Development The ratings are primarily driven by the company’s low leverage and robust sales growth but constrained by a lack of significant recurring revenues and a very concentrated project pipeline. The affirmation is driven by i) LLD’s conservative financing structure, which relies on equity and a largely unencumbered asset portfolio that bears little net debt compared to the asset base (Scope-adjusted loan/value ratio of approx. 10%); and ii) the stable operating results in 2020, with a slightly larger overall sales volume for both apartments and plots at the main project, Lisi Green Town.