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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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