Consolidation in European Property Market Threatens Credit Quality Nov 99

Standard & Poors, November 1999

Abstract
The property market in much of Europe currently is experiencing favorable conditions, with the U.K. probably close to the peak of its cycle, and France and Sweden continuing to show signs of improvement. However, trends toward greater consolidation in Continental Europe could have negative consequences from a credit quality perspective, as companies leverage up in the process. In Europe, each country can boast a genuinely unique property industry. Although Europe's economies are increasingly marching in step with each other following European Monetary Union, buying and selling properties still occurs within widely different legal and fiscal frameworks. As a result, the European property sector is very fragmented; competitive but also consolidating at a faster pace than ever before. As with property...

Companies mentioned in this report are:
- MEPC Ltd.
- Sophia
- Unibail-Rodamco
- Vasakronan AB
- Capital Shopping Centres PLC
- Societe Fonciere Lyonnaise S.A.

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: Commentary
Criteria articles describe the thought process and methodology Standard & Poor's analysts use in determining ratings. These commentary pieces discuss both the quantitative (economic and financial) and qualitative (business analysis and caliber of management) aspects of the analysis, as well as legal issues.

- MEPC Ltd.
- Sophia
- Unibail-Rodamco
- Vasakronan AB
- Capital Shopping Centres PLC
- Societe Fonciere Lyonnaise S.A.

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