Rating

Rating Agency Rating Type Rating Outlook
S&P long term rating BBB+ Negative
S&P short term rating A-2  
S&P Maalot long term rating ilAA+ Negative
S&P Maalot short term rating ilA-1+  
  

Financial Policy

  
  • LTV limit at 45%
  • Debt to debt-plus-equity ratio at 45% (or lower) on a sustainable basis
  • Maintaining conservative financial ratios with a strong ICR
  • Unencumbered assets above 50% of total assets
  • Long debt maturity profile
  • Good mix of long term unsecured bonds and non-recourse bank loans
  • Dividend of 75% of FFO I per share*
  •   
* subject to market conditions
  

S&P Anchor Rating Matrix

  

In December 2017, Aroundtown's ("AT") credit rating was upgraded to 'BBB+' by Standard and Poor’s Rating Services ("S&P"). The rating increase followed the 'BBB' rating assigned by S&P in June 2016, acknowledging Aroundtown’s increased scale and scope, enhanced diversification and the continuously strong like-for-like rental income growth. Further, S&P acknowledged Aroundtown's well balanced portfolio across multiple asset types and regions with no dependency on a single tenant, asset type or region, underlining the company's strong business risk profile.

  
Business risk profile
Financial risk profile
g
r
1
Minimal
2
Modest
3
Intermediate
4
Significant
5
Agressive
6
High Leveraged
1
Excellent
aaa/aa+
aa
a+/a
a-
bbb
bbb/bb+
2
Strong
aaa/aa+
a+/a
A-
AT
BBB+
GCP
bbb
bb+
bb
3
Satisfactory
a/a-
bbb+
bbb/bbb-
bbb-/bb+
bb
b+
4
Fair
bbb/bbb-
bbb-
bb+/a
bb
bb-
b
5
Weak
bb+
bb+
bb/a
bb-
b+
b/b-
6
Vulnerable
bb-
bb-
bb-/a
b+
b
b-/bb+
  
Baden-Baden
Munich
Baden-Baden
Dortmund
Baden-Baden
Stuttgart
Baden-Baden
Berlin
Baden-Baden
Amsterdam
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