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S&P puts Deutsche Wohnen on watch
S&P said it placed Deutsche Wohnen SE’s A- ratings on CreditWatch with negative implications.
The CreditWatch placement follows the announcement by Vonovia SE of a friendly takeover offer for Deutsche Wohnen's controlling shares, the agency said.
“The transaction, if completed, would combine Deutsche Wohnen with a company that has higher leverage. We forecast the consolidated entity would have S&P Global Ratings-adjusted debt to debt and equity of 54%-55% by year-end 2021, which compares unfavorably with Deutsche Wohnen's stand-alone 44.2% at Dec. 31, 2020, and our previous forecast of 44%-45% for 2021,” S&P said in a press release.
If the deal goes through, the agency said it would consider lowering the rating to BBB+.
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