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S&P assigns long-term issuer credit rating to Altarea Cogedim

S&P Global Ratings assigned Altarea Cogedim a BBB long-term issuer credit rating, with a stable outlook.

The rating action is based on S&P's assessment of Altarea's solid market position as the third-largest real estate developer in France, with a €4.7 billion portfolio of good-quality shopping centers.

S&P also said it negatively views Altarea's moderate-sized retail portfolio of 40 assets and its full dependency on the French market, as that exposes the company to the risk of revenue volatility in the case of asset rotation.

The stable outlook reflects the rating agency's expectation that the group will continue to produce robust revenues over the following 24-month term, owing to its high-quality properties and growing backlog of new development projects.

The developer is expected to keep its adjusted EBITDA interest coverage above 4x, debt-to-debt plus equity below 45% and debt-to-EBITDA ratios under 8x.

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.