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

  • ID: 1886565
  • March 2006
  • Region: France
  • Standard & Poors
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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

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.

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- Unibail-Rodamco

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