Research Update: France-Based Gecina Upgraded To 'BBB-' On Execution Of Strategy And Improved Financial Flexibility; Outlook Stable Oct 10

Standard & Poors, October 2010

Abstract
French property company Gecina's liquidity is stronger after issuing two bonds totaling -820 million in 2010. Gecina is executing its strategy of focusing on office, residential, and health care; restoring investor support; and substantially improving its financial flexibility. We are raising our long-term corporate credit rating on Gecina to 'BBB-' from 'BB+'. The stable outlook reflects our view that Gecina will continue to exhibit a stable performance in line with the investment-grade rating. On Oct. 1, 2010, Standard & Poor's Ratings Services raised its long-term corporate credit rating on French property company Gecina to 'BBB-' from 'BB+'. At the same time, the short-term corporate credit and debt ratings on Gecina were raised to 'A-3' from 'B'. The outlook is stable....

Companies mentioned in this report are: Gecina
Action: Outlook: Stable
Action: Upgraded

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.

Product Type: Research Update
Research updates complement media releases. They offer more depth and detail than summary analyses by incorporating all information published in the media release. They are more up to date than summaries in that they are published simultaneously with media releases.

Gecina

Customers who bought this item also bought

• Revenue Opportunities and Stakeholder Mapping in the French Land Defence Market
• France Defence and Security Report Q4 2012
• France Defence and Security Report Q1 2013
• France Defence and Security Report Q3 2010
• France Defence and Security Report Q3 2012
• France Defence and Security Report Q4 2010
• France Defence and Security Report Q2 2013
• France Defence and Security Report Q1 2011
• Defense Expenditure in France to 2017: Market Review
• City Planner (France)