Moody’s rates ADO Properties notes Baa2

Moody's Investors Service said it assigned a Baa2 rating to the minimum €300 million senior unsecured notes issued by ADO Properties SA.

The instrument rating assigned to the senior unsecured notes is in line with ADO's long-term issuer rating of Baa2.

The outlook is stable.

The company intends to use the proceeds to fund selective accretive add-on acquisitions in the Berlin residential market, refinance existing secured debt and for general corporate purposes.

The notes, which have a seven-year maturity, allows the company to extend its average debt maturity to over six years from about five years at present by prepaying near-term mortgages.

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