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REAL ESTATE: Unibail (URWFP: Baa2/BBB+/BBB+u): Moody's Comment

REAL ESTATE
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No upgrade expected any time soon.

  • Moody's affirmed Unibail last night. They are the lowest of the 3 agencies
  • The company is expected to use disposal proceeds to reduce debt but from the comments it would appear that an upgrade is still some way off.
  • Target - adj Debt/Assets <45%. Currently 51% after adjusting for normalised cash balances. Talks of next 12-24 months to get leverage below 50%.
  • Target - Net Debt/EBITDA <10x sustainably. Currently 10.5x but should get to <10x over the 12-24 mth period
  • Target ICR >3.25x. Currently expected to be "around 3x over next 12-24 months" with some pressure from higher interest rates as low coupon debt rolls off.
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No upgrade expected any time soon.

  • Moody's affirmed Unibail last night. They are the lowest of the 3 agencies
  • The company is expected to use disposal proceeds to reduce debt but from the comments it would appear that an upgrade is still some way off.
  • Target - adj Debt/Assets <45%. Currently 51% after adjusting for normalised cash balances. Talks of next 12-24 months to get leverage below 50%.
  • Target - Net Debt/EBITDA <10x sustainably. Currently 10.5x but should get to <10x over the 12-24 mth period
  • Target ICR >3.25x. Currently expected to be "around 3x over next 12-24 months" with some pressure from higher interest rates as low coupon debt rolls off.