BULLETIN: Gecina Ratings and Outlook Unaffected by ?423 Mil. Asset Acquisition May 04
Standard & Poors, May 2004
Abstract
PARIS (Standard & Poor's) May 28, 2004--Standard & Poor's Ratings Services said today that its ratings and outlook on French property group Gecina (BBB+/Positive/A-2) remain unchanged following the group's announcement that it will acquire -423 million worth of office assets. The group will acquire about -33 million of annual rents, with a total yield at 7.23%. Although the fully debt-financed transaction will likely weigh somewhat on interest coverage measures, the latter are still expected to significantly and sustainably improve from fiscal 2003 levels. ANALYST E-MAIL ADDRESSES xavier_buffon@standardandpoors.com peter_tuving@standardandpoors.com CorporateFinanceEurope@standardandpoors.com...
Companies mentioned in this report are: Gecina
Action: Bulletin
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.
Gecina
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