S&P revises Icade outlook to negative

S&P said it revised its outlook for Icade to negative from stable and affirmed its BBB+ ratings.

“The underperformance on the development property segment weighs on Icade's overall operating performance. The rising interest rates, the more demanding requirements to obtain mortgage approvals, and less favorable tax environment have lowered the investor demand and reduced the real estate purchasing power of individuals in France over the past 18 months,” the agency said in a statement.

S&P warned it expects Icade’s credit metrics to weaken beyond its thresholds in the next 12 months, which could mean a downgrade.

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