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BULLETIN: Ratings on Gecina Unchanged on Announcment of New SIIC Status Sep 03
Standard & Poors, Sep 2003
Abstract
PARIS (Standard & Poor's) Sept. 12, 2003--Standard & Poor's Ratings Services said today that its ratings on French property group Gecina (BBB+/Stable/A-2) remain unchanged following the group's decision to adopt the new French tax-exempt SIIC ('soci-t-s d'investissement immobilier cot-es') status. Gecina's new status will require the group to distribute at least 85% of net income to shareholders annually and pay a 16.5% exit-tax on unrealized capital gains (as of year-end 2002) spread over the 2003-2006 period. This should generate significant additional cash outflows of about -250 million to -400 million during this period. These outflows have been largely offset by disposal proceeds of -1.29 billion received so far this year that have mainly been used to retire existing debt, as...
Companies mentioned in this report are: Gecina
Action: S&P Event
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.
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