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REAL ESTATE: Stockland (SGPAU: A3/A-): Moody's Update

REAL ESTATE
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  • Neutral: Stockland agreed to buy A$ 1.3bn of housing assets from Leaseplan back in December but it was only cleared in September by the regulator
  • Moody's has said today that the company sits well within gearing parameters for the A3 rating.
  • The interest coverage ratio will remain weak, limiting ability to raise additional debt.
  • Expanded earnings will permit leverage and ICR to improve over time
  • There will be no change in rating, if any, until the next review period barring any material change.
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  • Neutral: Stockland agreed to buy A$ 1.3bn of housing assets from Leaseplan back in December but it was only cleared in September by the regulator
  • Moody's has said today that the company sits well within gearing parameters for the A3 rating.
  • The interest coverage ratio will remain weak, limiting ability to raise additional debt.
  • Expanded earnings will permit leverage and ICR to improve over time
  • There will be no change in rating, if any, until the next review period barring any material change.