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Summary: Derwent London PLC May 08
Standard & Poors, May 2008
Abstract
The ratings on U.K.-based real estate company Derwent London PLC (Derwent London) reflect the group's strong balance sheet and the cash flow stability provided by its relatively large and strategically located property portfolio (valued at -2.7 billion as at Dec. 31, 2007), which is let under long leases with upward-only rent reviews to a diverse range of tenants. The ratings are constrained by Derwent London's weak cash flow-based credit measures, a gradual shift towards shorter lease tenors and higher asset rotation, and ongoing, though carefully managed, exposure to real estate development. Derwent London concentrates on midsize office real estate assets, primarily in central London. Owning good-quality real estate assets in attractive locations in central London is relatively low-risk, as these...
Companies mentioned in this report are: Derwent London PLC
Action: Review
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.
This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.
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