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S&P revises Adler Real Estate view to stable
S&P said it revised its outlook to stable from positive on Adler Real Estate AG and affirmed the BB long-term issuer credit rating on Adler.
S&P also affirmed the BB+ long-term issue rating on the company's senior unsecured debt. The 2 recovery rating remains unchanged, reflecting an expectation of 70%-90% recovery (rounded estimate: 80%) in the event of a payment default.
“The outlook revision follows the release of Adler's first-half 2018 results, showing the debt-to-debt plus equity ratio well above 65%: 70.9% at the end of the first quarter and 73.5% as of June 30, 2018 (excluding receivables from the ACCENTRO sale),” S&P said in a news release.
“The S&P Global Ratings-adjusted EBITDA interest coverage ratio for the rolling 12 months to June 30, 2018, was also weak at only 1.3x.”
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