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S&P revises ADO Properties view to negative
S&P said it revised the outlook for ADO Properties SA to negative from stable and affirmed the BBB- rating on the company.
The outlook revision comes after the company announced plans to sell 5,800 residential units in Berlin. The units are about 25% of the company’s total portfolio.
ADO said it’s considering various uses for the proceeds, including a dividend distribution.
“The negative outlook reflects our view that we could downgrade ADO in the next 12 months if we have increasing evidence that the company's strategy, governance, or financial policy will deviate from its current position,” said S&P in a press release.
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