S&P puts Consus on positive watch

S&P said it placed its B- rating for Consus Real Estate AG and CCC+ rating on the company’s notes on CreditWatch with positive implications.

The placement follows ADO Properties SA’s announcement it plans to acquire the company by exercising a call option and then a tender for shares held by minority shareholders. S&P rates ADO BB+.

“In our view, ADO is significantly more creditworthy than Consus, and the execution of the call option would enhance Consus’ overall credit quality if it becomes an integrated and strategic part of the combined group,” S&P said in a press release.

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