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Befimmo S.C.A. Apr 05
Standard & Poors, April 2005
Abstract
Low industry risk: real estate assets produce stable and predictable cash flow and retain value A large portion of prime assets located in the resilient Brussels central business district Low exposure to property developments Status as a SICAFI (Belgian tax-transparent vehicle), entailing low-risk property ownership and rent collection, and a legal gearing limit of 50% Strong current cash flow coverage ratios for the ratings Relatively small portfolio and concentration of assets in the weakening Brussels office market Significant percentage (80%) of net profits that must be distributed, capping cash flow available for debt reduction Short debt maturity structure and exposure to potential interest rate hikes, albeit largely capped at 5% until 2008 Above-average customer concentration (albeit on tenants of very...
Companies mentioned in this report are: Befimmo S.C.A.,Unibail-Rodamco,Cofinimmo S.A./N.V.
Action: Review
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: Full Analysis
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