Standard & Poor’s Adjusts Its Outlook on Icade's Credit Rating

S&P Global announced a downgrade in the outlook for Icade's long-term credit rating from 'stable' to 'negative'. This decision impacts the company's BBB+ rating and attributes the change to pressures on its Property Development business and an unexpected depreciation in the Commercial Property Investment Division's assets. Additionally, S&P Global has updated Icade's financial ratio thresholds for a BBB+ rating, setting new targets for debt-to-capital ratios, debt-to-EBITDA ratios, and interest coverage ratios (ICR).

Icade has acknowledged these changes and reaffirmed its dedication to a robust and cautious financial strategy as part of its ReShapE Strategic Plan for the years 2024 to 2028. The company, with a diverse portfolio in real estate investment and development across France, remains focused on sustainability and low carbon initiatives as part of its long-term vision.