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S&P snips Alstria Office-REIT
S&P said it lowered its ratings for Alstria Office-REIT AG to BB from BB+ and its senior unsecured bonds to BB+ from BBB-.
“Our downgrade captures the greater-than-anticipated property devaluation Alstria reported for 2023 that weakened the company´s credit metrics. In its recent publication of 2023 financial statements, Alstria reported a property devaluation of around €770 million or around 16% on a like-for-like basis, versus our expectations of around 5%. This led to a pronounced increase of S&P Global Ratings-adjusted debt-to-debt plus equity ratio to about 66%, surpassing the 60% threshold for our BB+ rating,” the agency said in a press release.
S&P said it forecasts Alstria’s debt to EBITDA persisting at about 20x for the next 12 months and that S&P Global Ratings-adjusted ratio of debt-to-debt plus equity will be close to 65%.
The outlook is negative.
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