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CityCon (CITCON: Ba1u neg/BBB-): Moody's Say Improving

REAL ESTATE
Credit BulletsBulletHomepagemarkets-real-timeCredit
  • Small positive: Moody's affirm and leave on Neg Outlook but they do state that "the position in the Ba1 rating category has improved .... With tenant sales surpassing 2019 levels"•
  • "expected to divest €700m in 2024-25 which would be credit positive"• ICR is 2.1x with central bank cuts expected to lead to an improvement over current forecasts
  • Debt/Assets Leverage 61% expected to gradually improve
  • NetDebt/EBITDA 13.5X (12x with Hybrid adjustment) is high
  • Liquidity covers needs for next 6 quarters
  • Thresholds for Upgrade Debt/Assets close to 45%; ICR >3.0x
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  • Small positive: Moody's affirm and leave on Neg Outlook but they do state that "the position in the Ba1 rating category has improved .... With tenant sales surpassing 2019 levels"•
  • "expected to divest €700m in 2024-25 which would be credit positive"• ICR is 2.1x with central bank cuts expected to lead to an improvement over current forecasts
  • Debt/Assets Leverage 61% expected to gradually improve
  • NetDebt/EBITDA 13.5X (12x with Hybrid adjustment) is high
  • Liquidity covers needs for next 6 quarters
  • Thresholds for Upgrade Debt/Assets close to 45%; ICR >3.0x