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BULLETIN: Soci?t? Fonci?re Lyonnaise Ratings Unaffected by Announced Property Acquisition Mar 04
Standard & Poors, March 2004
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.
Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
Abstract
PARIS (Standard & Poor's) March 10, 2004--Standard & Poor's Ratings Services said today that its ratings and outlook on France-based property investment company Soci-t- Fonci-re Lyonnaise S.A. (SFL; BBB/Stable/A-2) are unaffected by SFL's announced acquisition of three office buildings for -515 million ($631 million) (excluding transfer rights). In line with Standard & Poor's expectations, the company will thereby releverage its balance sheet up to historical levels, with the LTV ratio increasing to the mid-40% area, from a low level in the mid-30% area at year-end 2003. The full-year effect on the group's interest coverage is expected to be positive, from the already satisfactory 2.4x EBITDA net interest coverage in 2003. The assets being acquired are in line with SFL's existing...
Companies mentioned in this report are: Societe Fonciere Lyonnaise S.A.
Action: Bulletin
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