French Property Group Gecina Cut to 'BBB+' After Acquisition, Off Watch; Outlook Stable Nov 02
Standard & Poors, November 2002
Abstract
PARIS (Standard & Poor's) Nov. 19, 2002--Standard & Poor's Ratings Services said today that it had lowered its long-term corporate credit rating on France-based property-investment company Gecina to 'BBB+' from 'A-', following Gecina's -2.27 billion acquisition of French property-investment company Simco, and removed the rating from CreditWatch, where it had been placed on Aug. 7, 2002. The outlook is stable. At the same time, the 'A-2' short-term corporate credit rating on Gecina was affirmed. In addition, Standard & Poor's assigned its 'BBB+' long-term debt rating to Gecina's -2.148 billion senior unsecured loan facility. "The rating action reflects Gecina's more aggressive financial profile following its purchase of Simco: the group's post-acquisition pro forma debt outstanding will amount to about -3.9 billion,"...
Companies mentioned in this report are: Gecina
Action: Downgraded, Off CreditWatch
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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