DGAP-News: Midroog (Moody's Subsidiary) Upgrades Gazit-Globe's Credit Rating to Aa3 With Stable Outlook
ID: 409276
19.05.2011 13:40
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TEL-AVIV, Israel, 2011-05-19 13:40 CEST (GLOBE NEWSWIRE) --
Gazit-Globe (TASE:GLOB), one of the world's leading multinational real estate
companies engaged in the acquisition, development and management of
supermarket-anchored shopping centers, announced today that the credit rating
agency Midroog (a Moody's subsidiary) has raised its credit rating from A1 to
Aa3 with a stable outlook. According to Midroog's methodology, this credit
rating reflects the Company's high quality debt and low credit risk.
Below are a few highlights from Midroog's report on the Company:
-- Improvement in leverage ratios over the last few years as a result of the
strengthening of the equity base and the balance sheet
-- Significant improvement in liquidity and financial flexibility
-- High quality assets which demonstrated stability during the last financial
crisis
-- Relatively solid financing strategy which includes substantial hedging of
interest rate and currency risks relative to the Company's business and
size
-- Strong and experienced management team which stands out compared to other
rated companies
Roni Soffer, Gazit-Globe's President: 'The Company's credit rating has always
been at the top of our management's priorities. We have been and continue to be
committed to keeping our financial structure strong and flexible with a high
level of liquidity, a strategy that proved itself especially during the global
financial crisis in 2008-2009. This strategy allowed us to continue to develop
our business, increase our global diversification while maintaining our
business focus, and at the same time improve our cost of capital and transform
the Company into a leading global player in the supermarket-anchored shopping
center sector. We are very pleased with this credit rating upgrade which
reflects our efforts to strengthen our balance sheet in the last 18 months. We
view this as continued evidence of the success of our long-term business
strategy.'
About Gazit-Globe
Gazit-Globe (TASE:GLOB) is one of the world's leading multinational real estate
companies engaged in the acquisition, development and management of
income-producing properties. The company focuses on necessity-driven real
estate, primarily supermarket-anchored shopping centers in growing urban
markets with high barriers to entry and attractive demographic trends. In
addition, the company is active in the healthcare real estate sector, owning
and operating medical office buildings and senior housing businesses in North
America. Gazit-Globe is listed on the Tel Aviv Stock Exchange and is included
in the TA-25. The Group operates in more than 20 countries, owns and manages
over 660 properties with a gross leasable area of more than 6.4 million square
meters, has a consolidated total asset value of approximately US$16 billion and
a gross annualized income of about US$1.6 billion. Since establishing its first
real estate operations in the United States in 1991, Gazit-Globe has
accumulated significant expertise across a broad range of core competencies,
including acquiring, operating, managing, leasing, developing, redeveloping,
repositioning and improving the performance of supermarket-anchored shopping
centers. It has also demonstrated its ability to leverage this expertise and
successfully implement its business model in many countries around the world.
Gazit-Globe's primary objective is the creation of value through long-term
maximization of cash flow and capital appreciation from its growing real estate
portfolio. www.gazit-globe.com.
Gazit-Globe is rated A+ with a stable outlook by S&P Maalot and Aa3 with a
stable outlook by Midroog (a Moody's subsidiary)
Roni Soffer
President, Gazit-Globe
roni@gazitgroup.com
Gadi Cunia
Senior Executive Vice President&Chief Financial Officer
gcunia@gazitgroup.com
Avishag Kichel
International Investor Relations
akichel@gazitgroup.com
Head Office Contact Number: +972 3 694 8000
News Source: NASDAQ OMX
19.05.2011 Dissemination of a Corporate News, transmitted by DGAP -
a company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
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Language: English
Company: Gazit-Globe
Panama
Phone:
Fax:
E-mail:
Internet:
ISIN: PAL0605071A3
WKN:
End of Announcement DGAP News-Service
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Datum: 19.05.2011 - 13:40 Uhr
Sprache: Deutsch
News-ID 409276
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