S&P downgrades IGD Siiq

S&P said it downgraded the ratings on IGD Siiq SPA and its unsecured bonds to BB+ from BBB- and assigned a 3 recovery rating to the bonds.

IGD Siiq’s Italian malls, which represent 67.6% of total rental income, have been closed since March 12 by government order, and it is unknown when they will reopen, leading S&P to anticipate a significant effect on rents from negotiations with affected tenants.

The outlook is negative.

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