Summary: Societe Fonciere Lyonnaise S.A. Oct 02
Standard & Poors, October 2002
Abstract
(Editor's note: This summary analysis has been republished to replace misstated information in the liquidity section regarding the first year of Société Foncière Lyonnaise's scheduled large debt repayments. A corrected version follows.) The ratings on Société Foncière Lyonnaise S.A. (SFL)--one of the five largest listed property investment companies in France and one of the 20 largest in Europe--reflect the company's ?2.75 billion prime Paris property portfolio (valued at June 30, 2002), well diversified by property type and tenant. SFL is pursuing its strategy of increasing its exposure to the high-end office sector in Paris' central business district and gradually reducing its stake in the very low-risk sector of prime Parisian residential property as reflected by its recent "Village Victor Hugo"...
Companies mentioned in this report are:
- Societe Fonciere Lyonnaise S.A.
Action: Review
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.
- Societe Fonciere Lyonnaise S.A.
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