Moody’s gives Baa2 to CA Immobilien

Moody's Investors Service said it assigned a long-term issuer rating of Baa2 to CA Immobilien Anlagen AG.

The outlook is stable.

CA Immobilien’s Baa2 rating primarily reflects the good quality and geographic diversification of its office property portfolio, limited tenant concentration risk, modest leverage and conservative financial policies. These positives are only partly offset by the company's exposure to less stable Eastern European market conditions, a still modest fixed charge cover and good but not yet ample liquidity, although the agency expects both these factors to improve over the next 12 to 18 months following completion of the refinancing.

The rating also reflects the company's good franchise and moderate exposure to new development risk, Moody’s said.

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