AFTER ASSIGNING TO ALTAREA COGEDIM GROUP A ‘BBB’ RATING, S&P ALSO ASSIGNS TO ITS LISTED SUBSIDIARY ALTAREIT A ‘BBB’ INVESTMENT GRADE RATING, OUTLOOK STABLE
Altareit, a pure player in property development in France and a 99.85% listed subsidiary of the Altarea Cogedim Group, announces the release of its inaugural credit rating by S&P Global. The rating agency assigned Altareit a BBB rating, with a stable outlook.
S&P Global highlights Altareit’s strong positioning, as a property developer in both residential and office segments (the company namely owns Cogedim), in a market where fundamentals and trends are credit supportive. The rating agency also underlines the company’s prudent financial discipline in terms of commitments.
Considering the above and given its strong organic links with Altarea Cogedim Group, Altareit is considered by S&P as a “core” subsidiary and benefits from the same credit quality as Altarea Cogedim Group, a leading French retail REIT, which was also assigned a ‘BBB’ investment grade rating, outlook stable.