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Moody’s moves CPI outlook to negative
Moody’s Investors Service said it changed its outlook for CPI Property Group to negative from stable and affirmed its long-term issuer and senior unsecured ratings at Baa3, the senior unsecured medium-term note rating at (P)Baa3, junior subordinate debt rating at Ba2 and its junior subordinate MTN rating at (P)Ba2. Concurrently, Moody's affirmed CPI Hungary Investments Kft.'s backed senior unsecured rating at Baa3.
"The outlook change reflects an increased risk of CPI being outside our guidance for the Baa3 rating," said Oliver Schmitt, a Moody’s vice president, senior credit officer and lead analyst for CPI, in a press release.
"Credit metrics will be weakened with expected falling property valuations, rising interest costs and the increased financial debt following the acquisition of Immofinanz and S-Immo. We note that CPI has implemented asset disposal activities which are required to offset the negative pressure on credit metrics; however, business conditions for disposals are challenging," Schmitt noted.
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