Summary: UNIBAIL Sep 02

Standard & Poors, September 2002

Abstract
The ratings on Unibail primarily reflect the company's above-average business profile, based on its leading position in the Paris commercial-property market and in large French shopping centers, coupled with its consistent focus on prime assets and high-quality tenants. The ratings also take into consideration the company's moderate financial profile, ascribable to satisfactory debt-coverage and gearing measures, as well as its satisfactory liquidity, controlled exposure to property development, and limited downsize risks. Unibail is a French property-investment company whose appraised property portfolio totaled about -7.4 billion at June 30, 2002. Property rents are split as follows: offices, 51%; shopping centers, 31%; and exhibition and convention centers, 19%. The company's above-average business profile is based on its: Leading position in the Paris...

Companies mentioned in this report are: Unibail-Rodamco
Action: Review

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This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.

Unibail-Rodamco

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