S&P Global has lowered the outlook on Icade's BBB+ long-term credit rating from 'stable' to 'negative', due to pressure on the company's property development business and a sharper-than-expected adjustment in asset valuations.

The rating agency also adjusts Icade's financial ratio thresholds for a 'BBB+' rating, and now sets a target debt/(debt and equity) ratio of less than 40% (previously 'towards 35%').

Icade takes note of these adjustments and reaffirms its commitment to maintaining a rigorous and prudent financial policy, which is the cornerstone of the ReShapE 2024-2028 strategic plan, presented on February 19, 2024", reacts the real estate group.

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