ADLER Real Estate AG
ADLER Real Estate AG: First time rating by Standard &Poor’s – Corporate Rating set at ‘BB-/Positive Outlook’
DGAP-News: ADLER Real Estate AG / Key word(s): Rating Corporate News First time rating by Standard &Poor’s Corporate Rating set at “BB-/Positive Outlook” Berlin, December 16, 2016 – ADLER Real Estate AG has, for the first time been assigned a rating by the internationally renowned rating agency Standard & Poor’s Ratings Services. The “BB- /positive outlook” rating is a significant achievement and reflects the Company’s financial discipline and transparency. With this rating, ADLER has met the rating covenant included in the EUR 350m corporate bond 2015/2020 which stated such a requirement by the end of 2016. Even without such an obligation ADLER would have looked to obtain a rating by an internationally recognised agency in order to provide the capital markets with an internationally recognisable basis for the assessment of the company’s financial solidity. Arndt Krienen, chairman of the management board, said: “The positive outlook which Standard & Poor’s communicated to us strengthens our confidence that we can continue to improve the rating in the direction of investment grade in a shorter time frame than initially expected as we intend to use the majority of the proceeds from the sale of the conwert stake, which we expect to receive early 2017, to pay back higher yielding existing debt. We will thus be able to reduce our LTV ratio considerably while at the same time increase our FFO significantly as the interest expense will be reduced correspondingly. These changes are likely to have a positive impact on our rating going forward.” The full report of Standard & Poor’s is available on the websites of Standard & Poor’s under www.standardandpoors.com and of ADLER Real Estate AG under www.adler-ag.com. Contact: Dr. Rolf-Dieter Grass
16.12.2016 Dissemination of a Corporate News, transmitted by DGAP – a service of EQS Group AG. |
Language: | English |
Company: | ADLER Real Estate AG |
Joachimsthaler Straße 34 | |
10719 Berlin | |
Germany | |
Phone: | +49 (0)40 – 29 8130-0 |
Fax: | +49 (0)40 – 29 8130-99 |
E-mail: | info@adler-ag.com |
Internet: | www.adler-ag.com |
ISIN: | DE0005008007, XS1211417362, DE000A1R1A42, DE000A11QF02 |
WKN: | 500800, A14J3Z, A1R1A4, A11QF0 |
Indices: | SDAX, GPR General Index |
Listed: | Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Hanover, Munich, Stuttgart, Tradegate Exchange |
End of News | DGAP News Service |