Unibail Rodamco: stock down, as Moody's reviews rating
(CercleFinance.com) - The stock is down nearly 2% on Friday morning.
Moody's says it has put the group's rating under review, ahead of a potential downgrade, including its Baa1 issuer and subordinated junior Baa3 ratings.
"The review action reflects the failed capital raise that was anticipated to support credit metrics in a period of operational challenges," the agency says.
"Without further measures implemented, our leverage forecasts exceed the level commensurate with its current Baa1 rating level. Furthermore, and independent of the impact on credit metrics, the failed capital raise highlights weak access to equity capital," the agency adds.
Copyright (c) 2020 CercleFinance.com. All rights reserved.
Moody's says it has put the group's rating under review, ahead of a potential downgrade, including its Baa1 issuer and subordinated junior Baa3 ratings.
"The review action reflects the failed capital raise that was anticipated to support credit metrics in a period of operational challenges," the agency says.
"Without further measures implemented, our leverage forecasts exceed the level commensurate with its current Baa1 rating level. Furthermore, and independent of the impact on credit metrics, the failed capital raise highlights weak access to equity capital," the agency adds.
Copyright (c) 2020 CercleFinance.com. All rights reserved.