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S&P places CPI Property on negative watch
S&P said it placed the BBB long-term issuer credit and issue ratings on CPI Property Group and its senior unsecured debt, as well as the BB+ issue rating on its senior subordinated debt, on CreditWatch with negative implications.
CPI has requested an extraordinary general meeting at Austrian commercial real estate company S-Immo AG (S-Immo) to eliminate the 15% voting rights cap, followed by a mandatory takeover offer for the 57.4% outstanding shares it doesn't own, S&P said.
“The CreditWatch negative reflects the possibility of a downgrade if the anticipated S-Immo takeover is successful and CPI gains control but fails to secure sufficient asset disposals or issue equity or equity-like instruments in the next three to six months to stabilize its capital structure in line with our current rating thresholds,” S&P said in a news release.
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