S&P revises Grand City trend to negative

S&P said it changed its outlook for Grand City Properties SA to negative from stable and affirmed the BBB+ issuer and senior unsecured ratings and BBB- subordinated debt ratings.

On Wednesday, the agency revised the outlook for Grand City’s parent, Aroundtown SA, to negative from stable.

“We align our ratings and outlook on Grand City Properties (GCP) with the ratings on Aroundtown (AT). This is because GCP is a highly strategic subsidiary of AT and is almost integral to the group's current identity and future strategy,” S&P said in a press release.

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