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REAL ESTATE: GrandCity (GYCGR: Baa1 neg /BBB+ neg): Moody's Affirm

REAL ESTATE
  • Moody's affirmed on Friday - outlook remains Negative
  • LTV 41%
  • Moody's note the successful capital market transactions recently
  • ICR is sensitive to increased funding costs as low coupon debt rolls off. Currently 1.9% on average.
  • German residential sector expected to stabilise by H2 '24
  • Company is dragged down by the 62% ownership of AroundTown. The curve trades wide to LEGGR (Baa2) despite the higher rating.

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