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Research Update: Gecina's 'BBB-/A-3' Ratings Remain On CreditWatch Negative, On Split With Metrovacesa Jul 07
Standard & Poors, July 2007
On July 9, 2007, Standard & Poor's Ratings Services said that its 'BBB-' long-term and 'A-3' short-term corporate credit ratings on French property company Gecina remain on CreditWatch with negative implications, where they were placed on July 28, 2006. The CreditWatch status reflects the ongoing split transaction between Gecina and its 68.5% owner, Metrovacesa S.A., as well as Gecina's anticipated standalone credit profile after the transaction. Uncertainties remain regarding shareholders' intentions and the outcome of the split transaction due to its sheer complexity, the related execution risks, and the number of parties involved. These uncertainties particularly relate to Gecina's future ownership structure, asset portfolio, and financial profile. The CreditWatch status also reflects the current lack of visibility on a potential...
Companies mentioned in this report are: Gecina
Action: CreditWatch Update
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.
Product Type: Research Update
Research updates complement media releases. They offer more depth and detail than summary analyses by incorporating all information published in the media release. They are more up to date than summaries in that they are published simultaneously with media releases.