Euler Hermes Rating bewertet KGAL Gruppe mit BBB-

Hamburg (ots) - Euler Hermes Rating hat erstmals die Bonität der
KGAL GmbH & Co. KG bewertet und ein BBB- Rating erteilt. Die führende
Marktposition als Investment- und Assetmanager für Sachwertanlagen
sowie die stabile Erlösbasis aus langfristigen Verwaltungsverträgen
waren maßgebend für die Einschätzung der Analysten. Für die kommenden
zwölf Monate erwartet die Agentur eine stabile Entwicklung des
Ratings.

Hinsichtlich der strategischen Risiken sieht Euler Hermes Rating
Einschränkungen der Diversifikation der Erlösquellen durch die
Fokussierung der Gruppe auf institutionelle Investoren und das hohe
Gewicht von Immobilieninvestitionen. Marktrisiken bestehen nach
Einschätzung von Euler Hermes Rating durch zyklische Einflüsse des
Zins- und Investitionsumfelds sowie den zunehmenden Wettbewerb um
Anlageobjekte. Zusammenfassend bewertet die Ratingagentur das
Geschäftsrisiko der KGAL GmbH & Co. KG als leicht erhöht bis moderat.

Das Finanzrisiko stellt sich nach Meinung der Ratingagentur
aufgrund der hohen und nachhaltigen Ertragskraft, der guten
Kapitalstruktur sowie der angemessenen finanziellen Flexibilität als
moderat bis gering dar. Verbesserungspotentiale bestehen nach Meinung
der Analysten im operationellen Bereich hinsichtlich der
unterjährigen Finanzkommunikation der Gruppe.

Die KGAL Gruppe ist ein unabhängiger Investment- und Assetmanager
mit einem Investitionsvolumen von rund 22,7 Milliarden Euro, rund 340
Mitarbeitern und konsolidierten Erträgen aus dem Dienstleistungs- und
Provisionsgeschäft von 72,7 Millionen Euro im Geschäftsjahr 2017. Der
Schwerpunkt der Investments liegt auf langfristigen
Realkapitalanlagen für institutionelle Investoren in den Assetklassen
Immobilien, Infrastruktur und Flugzeuge. Die europaweit tätige Gruppe
wurde vor 50 Jahren gegründet und hat ihren Sitz in Grünwald bei
München.

Die Euler Hermes Rating GmbH (Euler Hermes Rating) wurde 2001 als
unabhängige europäische Ratingagentur der Euler Hermes und Allianz
Gruppe gegründet und fokussiert sich auf das Rating von Emittenten
und Emissionen. Euler Hermes Rating ist gemäß der Verordnung (EG) Nr.
1060/2009 des Europäischen Parlaments und des Rates als Credit Rating
Agency (CRA) registriert und wird als External Credit Assessment
Institution (ECAI) bei der European Banking Authority (EBA) geführt.
Euler Hermes Rating ist eine Tochtergesellschaft von Euler Hermes
(ELE:PA), dem weltweiten Marktführer im Kreditversicherungsgeschäft.

Die Zusammenfassung des Ratingberichtes veröffentlicht die
Ratingagentur auf eulerhermes-rating.com.

Methodik

Dieses Rating wurde auf Basis der aktuellen Methode
Emittentenrating der Euler Hermes Rating GmbH erstellt, die unter
eulerhermes-rating.com veröffentlicht ist.

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