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Gecina Nov 10
Standard & Poors, November 2010
Strengths: High-quality real estate portfolio. Clear medium term strategy focusing on office, residential, and health care segments. Successful asset rotation program. Adequate liquidity and improved financial flexibility following two bond issues in 2010. Uncertainty about the speed of recovery in the European real estate market. Some planned speculative developments. Lower occupier demand, leading to a deteriorating average lease duration and more favorable letting terms. The ratings on France-based property company Gecina reflect Standard & Poor's Ratings Services' view of the company's large and well-diversified rental portfolio of high-quality assets--mostly office and residential; greater level of financial flexibility as evidenced by the -320 million and -500 million bond issues earlier this year; and the expertise of the company's property management team....
Companies mentioned in this report are: Gecina
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: Full Analysis