According to FUNDER website data,
403 mutual funds hold De Zarasai Agag C in the amount of NIS 334.8 million
Funds that hold a significant holding in De Zarasai Bond C – for the full list of holdings
In addition to these figures, Forte (!) Bonds holds 0.31% of the fund.
Forte bonds without shares hold a deficit of 1.1% of the fund
The following is a change in the holdings of the fund manager de Zarasai Bond C according to FUNDER-MVF data
Summary of ranking action
In 2020, De Zarasai Group Ltd. (the “Company”) is expected to present financial ratios that do not match the previous rating due to the erosion in adjusted EBITDA from income-producing assets and the sale of converted apartments, recognition of loss from exchange rate differences and increase in net debt due to the strengthening of the shekel. In the initiation project on 31st Street.
On the other hand, the company presented relatively good occupancy and collection rates in its income-producing properties even during the challenging period in the shadow of the Corona plague. In addition, despite the physical restrictions, the company managed to sell 122 converted apartments in 2020, albeit at a lower profitability than in previous years, but while generating cash flow that met our expectations.
In our estimation, in the next two years there will be some improvement in the financial ratio compared to 2020, which will support maintaining the rate of sale of the converted apartments, which is reflected in the relatively high volume of apartments available for sale and signed contracts by the end of 2020.
Accordingly, on February 2, 2021, we downgraded the issuer rating of De Zarasai Group Ltd. to a ‘+ ilA’ rating from a ‘ilAA’ rating. ‘ -ilAA ‘from rating’ ilAA, ‘rating level (benefit’) one above the issuer’s rating. In addition, we have confirmed the ‘ilAA’ rating for guaranteed series D and E, two rating levels above the issuer’s rating.
The stable rating forecast reflects our assessment that in the next 12 months the Company’s income-producing asset portfolio will maintain operational stability, which will be reflected, among other things, in high occupancy and collection rates, while creating stable and significant cash flows, especially from the sale of converted apartments. Financials that match the current rating.
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