Fitch rates Consus Real Estate notes B

Fitch Ratings said it published an expected long-term issuer default rating of B on Consus Real Estate AG with a stable outlook.

Fitch also said it published an expected instrument rating of B with recovery rating of RR4 on the group's proposed €400 million senior secured notes.

The ratings are constrained by the company's high leverage, resulting from its significant project-level debt, its recent acquisition of SSN Group AG and its high development pipeline, the agency said.

The ratings are underpinned by Consus's good business position in prime cities in Germany, its scale relative to other similarly rated development companies, its diverse project portfolio and long-standing experience, Fitch said.

The ratings are constrained by the group's higher leverage versus peers, resulting from the use of project-level debt for development opportunities, in addition to the debt- and equity-funded acquisition of SSN in November 2018, the agency said.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.