Summary: UNIBAIL HOLDING Sep 03
- ID: 1886382
- September 2003
- Standard & Poors
The ratings on UNIBAIL HOLDING (Unibail) primarily reflect the company's above-average business profile based on its leading positions in the Paris commercial-property market and in large French shopping centers, its countercyclical investment strategy in undersupplied segments of the French real estate market, and its consistent focus on prime assets and high-quality tenants with longer-than-average lease maturities. The ratings also take into consideration the company's moderate financial profile, which is attributable to satisfactory debt-coverage and gearing measures, as well as its satisfactory liquidity, controlled exposure to property development, and limited downside in terms of rents. Unibail is a French property-investment company whose appraised property portfolio totaled about €7.6 billion at end-June 2003. Unibail adopted the new French tax-exempt SIIC (sociétés d'investissement...
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