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'A-' Ratings on France's UNIBAIL HOLDING Placed on Watch Negative On News of Expansion Plans Feb 05
Standard & Poors, Feb 2005
Abstract
PARIS (Standard & Poor's) Feb. 4, 2005--Standard & Poor's Ratings Services said today it has put its 'A-' long-term corporate credit rating on French property company UNIBAIL HOLDING (Unibail) on CreditWatch with negative implications. At the same time, Standard & Poor's affirmed its 'A-2' short-term corporate credit rating on the group. The action follows the company's announcement, unexpected by Standard & Poor's, that it is contemplating new expansion projects, including a -225 million ($292 million) acquisition of Exposium, a France-based professional-trade-exhibition organizer. 'We are concerned that such a transaction could contradict our earlier expectations regarding Unibail's future debt reduction and a rebalancing of financial policy in favor of creditors, very soon after the recently completed -1 billion exceptional dividend distribution,'...
Companies mentioned in this report are: Unibail-Rodamco
Action: On CreditWatch:Negative
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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