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S&P might lift Metrovacesa
S&P said it placed its BBB- long-term corporate credit rating on Metrovacesa SA on CreditWatch with positive implications.
The agency also placed its BBB- issue rating on Metrovacesa's €700 million senior unsecured bond on CreditWatch positive.
The CreditWatch placement follows the announcement by Merlin Properties Socimi SA (BBB/stable/--) that it signed a deal to merge with Metrovacesa.
If the transaction is approved by the companies' respective shareholders, which is expected to occur by September, the merger would result in the largest office portfolio and second-largest retail asset portfolio in Spain. S&P’s view of Metrovacesa's portfolio size, asset quality and occupancy would therefore improve.
The agency forecasts that the combined entity would maintain debt to debt and equity (fair-value adjusted) below 50%, which is in line with previous expectations for Metrovacesa.
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