Moody’s assigns Grand City notes Baa2

Moody's Investors Service said it assigned a Baa2 long-term rating to the proposed issuance of €400 million secured notes, series E, to be issued by Grand City Properties SA.

The outlook is stable.

The assigned rating assumes there will be no material variations to the draft legal documentation and the size of the issuance remains subject to market conditions.

Grand City's Baa2 long-term issuer rating and stable outlook are unaffected by the new rating assigned.

"The Baa2 rating assigned to the series E bonds is in line with Grand City Properties' long-term issuer rating, reflecting their equal ranking with the company's existing secured bonds," Lynn Valkenaar, Moody's vice president and lead analyst for Grand City, said in a news release.

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