May 28, 2024 06:45 GMT
TAG Immo: Upgraded To IG
REAL ESTATE
TAG Immobilien (TEGGR: Baa3 / BBB-) : Upgraded
Late on Friday, Moody’s upgraded TAG Immo to Investment Grade in line with S&P
TEGGR is a tiny issuer, but the upgrade has a read-through for the German Residential sector.
- LTV reduced to 45.6% from 47% Dec 23
- Dividends were cancelled 2022 & 23.
- Disposal programme raised EUR 333m since 2022
Moody’s note that the German Residential multifamily sector “is showing favourable progress relative to 2023” , “expectations for valuations to stabilize by the second half of 2024”. “high occupancy rates and solid rental growth.”
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