Icade: S&P Global downgrades credit rating
(CercleFinance.com) - Icade reports that S&P Global has downgraded its long-term credit rating from 'BBB+ negative outlook' to 'BBB stable outlook', against a backdrop of pressure on the group's activities and the delay in finalising the disposal of its healthcare activities.
The rating agency has accordingly adjusted Icade's financial ratio thresholds for a BBB rating, with in particular a target net debt to EBITDA ratio now below 11x (compared with below 8.5x previously).
Icade's short-term rating has been maintained at A-2. At the end of June 2024, the real estate group claims a solid level of liquidity, at E2.4bn, net of NEU CP coverage, covering debt maturities until 2028.
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The rating agency has accordingly adjusted Icade's financial ratio thresholds for a BBB rating, with in particular a target net debt to EBITDA ratio now below 11x (compared with below 8.5x previously).
Icade's short-term rating has been maintained at A-2. At the end of June 2024, the real estate group claims a solid level of liquidity, at E2.4bn, net of NEU CP coverage, covering debt maturities until 2028.
Copyright (c) 2024 CercleFinance.com. All rights reserved.