November 27, 2024 11:28 GMT
REAL ESTATE: CityCon (Ba1u neg, BBB- neg): Moody's Review For Downgrade
REAL ESTATE
Moody's Review for Downgrade
Given the company's recent successes in divestments this will have been a surprise. The agency cites:
- Management changes and profit revision, against background of weak credit metrics
- Saturated market and intense competition
- High debt-to-gross assets of 61%
- Net Debt/EBITDA 13.5x and ICR 1.9x - which will weaken with coupon refinances
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