S&P ends watch on IGD

S&P said it affirmed the BB ratings on Immobiliare Grande Distribuzione and its debt and removed the ratings from CreditWatch where they were placed with negative implications on Aug. 11. The outlook is stable.

IDG finished the refinancing of its €400 million bond due November 2024, through an exchange offer including a new €310 million bond maturing 2027, €60 million of the bond extended to 2027, and a €30 million cash payment. “We view the transaction as opportunistic,” S&P said in a press release.

The agency added, “The stable outlook reflects our view that IGD will likely sustain strong operating performance over the coming 12 months, alongside an EBITDA-interest-coverage ratio above 1.8x despite higher refinancing costs.”

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