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Summary: Societe Fonciere Lyonnaise S.A. Dec 04

  • ID: 1712692
  • December 2004
  • Standard & Poors

Abstract
The ratings on Société Foncière Lyonnaise S.A. (SFL), one of the largest listed office property-investment companies in France, are capped by Standard & Poor's assessment of the creditworthiness of its 86% shareholder, the Spanish property company Inmobiliaria Colonial (IC, not rated). This assessment is driven by IC's high debt leverage, stemming from its fully debt-financed acquisition of SFL for an enterprise value of ?2.3 billion ($3 billion) in 2004, and by IC's still-material involvement in residential-apartment development activity, which Standard & Poor's views as substantially riskier than the rental-property business. These weaknesses are mitigated by the high quality of IC's office-rental portfolio, combined with that of SFL, and by Standard & Poor's expectations that IC's debt leverage will rapidly drop...

Companies mentioned in this report are:
- Societe Fonciere Lyonnaise S.A.

Action: Review

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- Societe Fonciere Lyonnaise S.A.

Note: Product cover images may vary from those shown
Note: Product cover images may vary from those shown

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