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S&P assigns preliminary rating to Immofinanz

S&P Global Ratings assigned Immofinanz AG a preliminary BBB- long-term issuer credit rating, with a stable outlook, reflecting its opinion on the Austrian commercial real estate company's portfolio.

As of Sept. 30, 2018, Immofinanz's property portfolio was valued at about €4.3 billion, consisting of 223 office and retail assets across Central and Eastern Europe.

The rating agency said the portfolio is of relatively good scale and size, spread across seven core countries, including Austria, Poland, Romania, Germany, Hungary, the Czech Republic and Slovakia, with the remaining 3% in noncore countries.

The rating agency expects rental income growth for Immofinanz's portfolio to stay positive over the next 12 to 24 months, due to stable demand trends in its operating environment, stable occupancy levels and rental growth from new lettings and upcoming project completions.

The stable outlook factors in S&P's view that robust demand for Immofinanz's office assets in several European capital cities should enable the group to generate resilient cash flows over the next 12 to 24 months.

This S&P Global Market Intelligence news article may contain information about credit ratings issued by S&P Global Ratings, a separately managed division of S&P Global. Descriptions in this news article were not prepared by S&P Global Ratings. The original S&P Global Ratings documents referred to in this news brief can be found here.