Grand City Properties S.A., : Standard&Poor's Ratings Services raised Grand City Properties S.A rating to 'BB' based on strong cash flow metrics and lower debt leverage
(firmenpresse) - (DGAP-Media / 27.11.2013 / 17:12)
GRAND CITY PROPERTIES S.A.
Luxembourg, 27 November, 2013.
Standard&Poor's Ratings Services raised Grand City Properties S.A rating
to 'BB' based on strong cash flow metrics and lower debt leverage
Standard&Poor's Ratings Services ('S&P') raised Grand City Properties
S.A. (the 'Company') rating from 'BB-' to 'BB' on its long-term corporate
credit rating and on the Company's bonds, due in 2020.
The rating upgrade reflects S&P's valuation that the Company's cash flow
and leverage ratios are likely to improve by more than expected in 2013 and
remain stable in 2014. In addition, S&P upgrades the financial risk
profile, based on an improvement of the financial performance of the
Company and on the its financial policy to maintain a large, stable,
recurring cash flow base with limited asset disposals, and a loan-to-value
(LTV) ratio below 55%.
S&P highlight in their research update, the significant portfolio growth
the Company has made and the improvement of the assets and tenant
diversity. Additionally, S&P emphasize the significant headroom under the
debt covenants, which with expected increased occupancy in the asset,
rental values, and thus headroom under the covenant, should grow gradually.
S&P provides a stable outlook for 2014, reflecting their opinion that the
Company is expected to generate stable recurring cash flow and maintain
stable debt leverage in 2014.
S&P state that a reason to increase the Company's rating, among others, is
if the demand/supply trends in the German residential market remain
positive and the Company will continue to increase the size and scope of
its portfolio.
The Standard&Poor's Ratings Services Research Update on Grand City
Properties S.A. is available on the Company's website:
http://www.grandcityproperties.com/en/downloads
About Grand City Properties
Grand City Properties (ISIN: LU0775917882) focuses on investing in and
managing turnaround opportunities in the German real estate property
market, especially in large urban high-density areas. The company follows
primarily a buy and hold strategy. Efficient management tools enable
sustainable and targeted improvement of the real estate properties. The
company's portfolio comprises of approximately 22,000 units. The Company
has recorded net profit of Euro 137.1 million and FFO of Euro 22.4 million
for the first 9 months of 2013, which reflect a YOY increase of 105% and
180% accordingly. The EPRA NAV of the Company for September 2013 amounted
to Euro 556 million. Since May 2012, Grand City Properties is listed on
the Frankfurt Stock Exchange. Further information:
www.grandcityproperties.com.
Contact:
Grand City Properties S.A.
6, boulevard Pierre Dupong
L 1430 Luxemburg
www.grandcityproperties.com
Press Contact:
Katrin Petersen
Grand City Properties S.A.
T: +49 (30) 887088-1128
E: info(at)grandcity.lu
www.grandcityproperties.com
End of Media Release
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Issuer: Grand City Properties S.A.,
Key word(s): Real estate
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Datum: 27.11.2013 - 17:12 Uhr
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