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...
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