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BULLETIN:Ratings and Outlook on UNIBAIL Unchanged on Coeur D?fense Refinancing Dec 03
Standard & Poors, Dec 2003
Abstract
PARIS (Standard & Poor's) Dec. 23, 2003--Standard & Poor's Ratings Services said today that its ratings and outlook on French property company UNIBAIL HOLDING (Unibail; A-/Stable/A-2) remain unchanged following the company's proposed refinancing of its Coeur D-fense office complex through a -820 million secured loan. The rating on Unibail's senior unsecured debts also remains at the same level as the group's long-term corporate credit rating. For the purpose of its notching analysis, Standard Poor's excludes the proposed secured loan from Unibail's priority debts and the company's Coeur D-fense assets from total assets. In the event of a default, the holders of the secured loan will not have access to Unibail's other assets, but will have priority access to the Coeur...
Companies mentioned in this report are: Unibail-Rodamco
Action: S&P Event
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.
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