(AOF) – Argan announces the increase to “stable” of the outlook on its long-term issuer rating “BBB” assigned by S&P Global Ratings. The property company emphasizes that this review of the credit rating comes after the successful capital increase of 150 million euros, launched and finalized on April 23, as part of the strengthening of the development and debt reduction plan of the property company. In its report, S&P Global Ratings notably highlighted the faster-than-expected improvement in the main debt ratios by the end of 2024.
These debt ratios by the end of 2024 are targeted by Argan at 44% for its LTV ratio and 9.5 for net debt compared to Ebitda, as well as “comfortable” cash availability, without the need for short-term refinancing for the financial years 2024 and 2025, and a portfolio of quality assets capable of generating stable and predictable cash flows, in a French logistics real estate sector considered buoyant.
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