The rating agency S&P Global Ratings has assigned IGD – Immobiliare Grande Distribuzione SIIQ S.p.A.\u00a0 a \u00a0\u201cBBB-\u201c rating with outlook stable.<\/p>\n
The company expresses satisfaction with the opinion of S&P Global Ratings which acknowledges the portfolio\u2019s quality and operating performances, the solid financial structure and the prudent strategy in place for the next three years which is focused on asset management, the disposal of non-strategic assets and the commitment to reducing the Loan-to-Value below 45%. The stable outlook also reflects S&P Global Ratings\u2019 view that IGD will likely continue to generate stable and predictable cash flows.<\/p>\n
Contrary to what had to be reported last April 9, IGD notes that, in accordance with the respective regulations, as a result of the investment grade rating with a stable outlook<\/p>\n
the increase or \u201cstep up\u201d of 1.25% in the annual interest rate<\/strong> paid on the \u201c300,000,000 2.500 per cent notes due 31 May 2021<\/em>\u201d and the \u201c\u20ac100,000,000 2.25 per cent Senior Notes due 11 January 2024<\/em>\u201d, which would have resulted in an increase in financial charges of around \u20ac5 million per annum, will no longer be triggered and these costs will not be incurred.<\/p>\n The 2019 guidance for FFO (growth of +6\/7%), disclosed on 26 February 2019, is, therefore, reconfirmed.<\/p>\n <\/p>\n