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Research Update: Outlook On French Property Group UNIBAIL HOLDING Revised To Stable; 'A-/A-2' Ratings Affirmed Mar 06 Product Image

Research Update: Outlook On French Property Group UNIBAIL HOLDING Revised To Stable; 'A-/A-2' Ratings Affirmed Mar 06

  • Published: March 2006
  • Region: France
  • Standard & Poors

Abstract
On March 24, 2006, Standard & Poor's Ratings Services revised its outlook on French property group UNIBAIL HOLDING (Unibail) to stable from negative, reflecting Unibail's consistent operating performance, which allowed the group to post adequate credit metrics for the rating in 2005, despite a -1 billion exceptional dividend paid in early 2005, and the negative scope impact on rental cash flows from the disposal of Coeur Defense in 2004. At the same time, Standard & Poor's affirmed its 'A-/A-2' corporate credit ratings on Unibail. The ratings reflect the group's strong business profile, based on its portfolio of dominant and well-protected shopping centers, high-quality office assets in the large and liquid Paris market, and a solid investment and operating track record....

Companies mentioned in this report are: Unibail-Rodamco
Action: Affirmed
Action: Outlook: Stable

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Unibail-Rodamco

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