Gecina Dec 11
Standard & Poors, December 2011
Abstract
Large, well-diversified, and prime-quality real estate portfolio, mostly of office assets located in the Paris region and residential properties in France, which provide stable cash flows. Strong market position and the solid expertise of Gecina's operational management team. Clear medium-term strategy that focuses on office real estate, reducing exposure to residential, development activities, and noncore segments, which will likely improve profitability. Announced targets and measures to deleverage the capital structure, which should enhance the company's credit metrics in the coming quarters. The cyclical nature of the office and hotel sectors, and uncertainty related to the speed of recovery of European real estate markets. Weak capacity to repay debt with only operating income. Rising cost of debt, which weighs on debt...
Companies mentioned in this report are: Gecina
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
Gecina
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