Icade: S&P Global downgrades outlook

(CercleFinance.com) - S&P Global has downgraded the outlook for Icade's BBB+ long-term credit rating from 'stable' to 'negative', due to pressure on the company's property development business and a sharper-than-expected adjustment in asset valuations.


The rating agency also adjusts Icade's financial ratio thresholds for a 'BBB+' rating, and now sets a target debt/(debt and equity) ratio of less than 40% (previously 'towards 35%').

"Icade notes these adjustments and reaffirms its commitment to maintaining a rigorous and prudent financial policy which is one of the pillars of ReShapE, the new Strategic Plan for 2024-2028 presented on February 19, 2024", the real estate group said in response to this.


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