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New Tax-Exempt Status Should Enhance French Property Sector's Overall Financial Flexibility Jan 03 Product Image

New Tax-Exempt Status Should Enhance French Property Sector's Overall Financial Flexibility Jan 03

  • Published: January 2003
  • Standard & Poors

FEATURED COMPANIES

  • Gecina
  • Klepierre S.A.
  • Sophia
  • Unibail-Rodamco
  • MORE

Abstract
PARIS (Standard & Poor's) Jan. 22, 2003--Standard & Poor's Ratings Services said today that a recently passed French law proposing tax-exempt status for property companies is viewed neutrally for credit quality, and is unlikely to trigger any ratings and outlook changes on the five French property companies rated by Standard & Poor's--Gecina (BBB+/Stable/A-2), Klépierre S.A. (BBB+/Stable/A-2), Société Foncière Lyonnaise S.A. (BBB/Stable/A-2), Sophia (BBB+/Negative/A-2), and UNIBAIL (A-/Stable/A-2). The law was passed Dec. 30, 2002; exact fiscal structures are currently under discussion and will be determined by the end of March 2003. French property companies will then have the option to adopt the new status (retroactive from Jan. 1, 2003) until the end of September 2003. Once adopted, the status will be...

Companies mentioned in this report are:
- Gecina
- Sophia
- Unibail-Rodamco
- Societe Fonciere Lyonnaise S.A.
- Klepierre S.A.

Action: S&P Event

Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, READ MORE >

- Gecina
- Sophia
- Unibail-Rodamco
- Societe Fonciere Lyonnaise S.A.
- Klepierre S.A.

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