Société Foncière Lyonnaise S.A. Downgraded To 'BB+/B'; Long-Term Rating Still On Watch Neg Dec 06

Standard & Poors, December 2006

Abstract
PARIS (Standard & Poor's) Dec. 6, 2006--Standard & Poor's Ratings Services said today that it lowered its long- and short-term corporate credit ratings on Société Foncière Lyonnaise S.A. (SFL), one of the largest listed office property-investment companies in France, to 'BB+/B' from 'BBB-/A-3', respectively. At the same time, the short-term rating was removed from CreditWatch with negative implications, where it had been placed on June 9, 2006. The long-term rating remains on CreditWatch with negative implications. "The downgrade follows Spanish property company Grupo Inmocaral S.A.'s acquisition of a 93.4% stake in Inmobiliaria Colonial, which holds 79% of SFL, and Inmocaral's announced agreement to buy 15.07% of Fomento de Construcciones y Contratas SA from Acciona SA," said Standard & Poor's credit...

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

Action: Downgraded
Action: On CreditWatch:Negative

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.

- Societe Fonciere Lyonnaise S.A.

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