Grand City Properties S.A.
News Detail
DGAP-News News vom 27.11.2013
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Standard & Poor's Ratings Services raised Grand City Properties S.A rating to ‘BB’ based on strong cash flow metrics and lower debt leverage Luxembourg, 27 November, 2013. Standard & Poor's Ratings Services raised Grand City Properties S.A rating to ‘BB’ based on strong cash flow metrics and lower debt leverage Standard & Poor's Ratings Services (“S&P”) raised Grand City Properties S.A. (the “Company”) rating from ‘BB-’ to 'BB' on its long-term corporate credit rating and on the Company’s bonds, due in 2020. The rating upgrade reflects S&P’s valuation that the Company's cash flow and leverage ratios are likely to improve by more than expected in 2013 and remain stable in 2014. In addition, S&P upgrades the financial risk profile, based on an improvement of the financial performance of the Company and on its financial policy to maintain a large, stable, recurring cash flow base with limited asset disposals, and a loan-to-value (LTV) ratio below 55%. S&P highlight in their research update, the significant portfolio growth the Company has made and the improvement of the assets and tenant diversity. Additionally, S&P emphasize the significant headroom under the debt covenants, which with expected increased occupancy in the asset, rental values, and thus headroom under the covenant, should grow gradually. S&P provides a stable outlook for 2014, reflecting their opinion that the Company is expected to generate stable recurring cash flow and maintain stable debt leverage in 2014. S&P state that a reason to increase the Company’s rating, among others, is if the demand/supply trends in the German residential market remain positive and the Company will continue to increase the size and scope of its portfolio. The Standard & Poor's Ratings Services Research Update on Grand City Properties S.A. is available on the Company’s website: http://www.grandcityproperties.com/en/downloads About Grand City Properties Grand City Properties (ISIN: LU0775917882) focuses on investing in and managing turnaround opportunities in the German real estate property market, especially in large urban high-density areas. The company follows primarily a buy and hold strategy. Efficient management tools enable sustainable and targeted improvement of the real estate properties. The company’s portfolio comprises of approximately 22,000 units. The Company has recorded net profit of Euro 137.1 million and FFO of Euro 22.4 million for the first 9 months of 2013, which reflect a YOY increase of 105% and 180% accordingly. The EPRA NAV of the Company for September 2013 amounted to Euro 556 million. Since May 2012, Grand City Properties is listed on the Frankfurt Stock Exchange. Further information: www.grandcityproperties.com . Contact: Grand City Properties S.A. 6, boulevard Pierre Dupong L 1430 Luxemburg www.grandcityproperties.com Press Contact: Katrin Petersen Grand City Properties S.A. T: +49 (30) 887088-1128 E: info@grandcity.lu www.grandcityproperties.com |
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