Moody’s revises Gecina to negative

Moody's Investors Service said it changed the outlook on Gecina SA’s ratings to negative from stable.

Concurrently, the agency affirmed the company’s A3 long-term issuer rating, A3 senior unsecured domestic currency bond ratings and the provisional A3 rating of its senior unsecured medium-term note program.

The actions follow Gecina's proposed acquisition of Eurosic SA (unrated).

"Today's outlook change to negative from stable reflects i) Gecina's increased leverage pro-forma for the proposed acquisition of Eurosic compared to our expectations for the A3 rating and ii) execution risks related to the planned asset disposals through which management intends to reduce leverage below 40% and therefore in line with its stated financial policy," Roberto Pozzi, Moody's vice president, senior credit officer and lead analyst on Gecina, said in a news release.

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