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BULLETIN: Gecina Ratings and Outlook Unaffected by €423 Mil. Asset Acquisition May 04

  • ID: 1822459
  • May 2004
  • Standard & Poors
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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

Companies mentioned in this report are:
- Gecina

Action: Bulletin

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