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S&P revises Immobiliare Grande Distribuzione outlook, affirms rating

S&P Global Ratings revised its outlook on Immobiliare Grande Distribuzione SIIQ SpA to negative from stable and affirmed the BBB- issuer credit rating on the Italian retail real estate investment trust.

The company disclosed weaker-than-expected operating performance in the first half of 2019, and its credit metrics have also deteriorated and its debt-to-debt plus equity ratio has increased to about 49.5%, near Ratings' 50% threshold for a downgrade.

The negative outlook reflects the risk that the REIT could deviate from S&P base case, mainly if its operating performance remains weak, with continuously negative like-for-like growth in rents and portfolio valuation, and no improvement in vacancy, the rating agency said.

Ratings also sees risks in the REIT's debt-to-debt plus equity ratio increasing above 50% as a result of further pressures on values and delays in its planned sales.

This S&P Global Market Intelligence news article may contain information about credit ratings issued by S&P Global Ratings. Descriptions in this news article were not prepared by S&P Global Ratings.