(AOF) – Icade announces that the S&P Global agency has lowered the outlook for its BBB+ long-term credit rating from “stable” to “negative”, “in a context of pressure on the Promotion activity and adjustment of valuations of Tertiary Property assets more marked than anticipated. The rating agency also adjusted the thresholds of Icade’s financial ratios for a BBB+ rating.
It now sets as objectives a debt-to-debt plus equity ratio of less than 40% (vs. “towards 35%” previously), taking into account the positive influence of the Caisse des Dépôts et Consignations; a debt to Ebitda ratio below 8.5 and an ICR ratio above 3.8.
These last two objectives are unchanged. Caisse des Dépôts et Consignations is the reference shareholder of Icade with 39.2% as of December 31, 2023.
The real estate group took note of these adjustments and reaffirmed its desire to maintain a rigorous and prudent financial policy, a pillar of the ReShapE 2024-2028 strategic plan, presented on February 19, 2024.
© 2024 Agence Option Finance (AOF) – All reproduction rights reserved by AOF. AOF collects its data from the sources it considers the safest. However, the reader remains solely responsible for their interpretation and use of the information made available to them. The reader must therefore hold AOF and its contributors harmless from any claim resulting from this use. Agence Option Finance (AOF) is a brand of the Option Finance group
Did you like this article ? Share it with your friends using the buttons below.
