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ARCHIVE | Criteria | Corporates | Industrials: Rating Real Estate Companies Across the EU Dec 00
Standard & Poors, Dec 2000
Abstract
Assigning credit ratings to real estate companies across European countries with different legal, fiscal, and cultural systems is a complex task. This article discusses key criteria that Standard & Poor's uses to achieve consistent, fair results. The increasing use of independent professional valuations, the more regular and detailed financial reporting standards in European countries, and the tangible nature of real estate assets allow for a meaningful financial and operating ratio analysis of European property investment companies. There are, however, still a number of factors that distinguish property markets across Europe: The choice between owner occupation and rented accommodation is heavily influenced by culture, government policy, and taxation; The type of vehicle appropriate for property ownership/investment (corporation, partnership, conduit, or other...
Companies mentioned in this report are: France (Republic of) (Unsolicited Ratings),United Kingdom (Unsolicited Ratings),Italy (Republic of) (Unsolicited Ratings),Ireland (Republic of),Paris (City of)
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: Commentary
Criteria articles describe the thought process and methodology Standard & Poor's analysts use in determining ratings. These commentary pieces discuss both the quantitative (economic and financial) and qualitative (business analysis and caliber of management) aspects of the analysis, as well as legal issues.
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