S&P drops Gecina to junk

Standard & Poor's said it lowered all senior unsecured debt issued by Gecina (BB+/negative/B) to BB+ from BBB-, aligning them with the group's corporate credit rating. The agency removed the BBB- ratings from CreditWatch, where they were placed with negative implications on July 28, 2006.

Ratings consider account weak bond documentation, significant bank debt, including secured lines and France's relatively unfriendly insolvency regime for creditors, the agency said.

Partially mitigating factors are Gecina's high-quality assets and well-diversified tenant base, S&P said.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.