on GSG GROUP S.A. (isin : LU0251710041)
CPI Property Group – Moody’s Rating Action
On July 26, 2024, CPI Property Group ("CPIPG") announced that Moody’s Investors Service downgraded the company's rating from Baa3 to Ba1 with a negative outlook. This follows a similar downgrade by S&P Global Ratings in May.
Despite these downgrades, CPIPG's strategy remains unchanged. As the largest real estate platform in the CEE region, the Group continues to see rising rental income and high occupancy rates. CPIPG will focus on maintaining liquidity, reducing leverage, and optimizing its corporate structure to regain investment grade ratings.
Recent updates include a framework agreement with IMMOFINANZ AG to optimize group structure and expected results from a governance practices review by White & Case. The Group's liquidity has improved in 2024 through strong operational cash generation, disposals, and refinancing, closing approximately €900 million in disposals with further sales expected.
R. H.
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