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Moody’s shifts ADO Properties view to negative
Moody’s Investors Service said it changed the outlook to negative from stable on ADO Properties SA.
“The negative outlook reflects the uncertain financial policy and strategy implications for ADO following the announcement from Adler Real Estate (Adler) on 23 September 2019 that it has signed a merger agreement to acquire all shares in A.D.O. Group Ltd (ADO Group). Following the transaction, Adler will hold an indirect 33.0% stake in ADO via its ownership of ADO Group, given that the agreement also includes an undertaking from ADO Group to sell down its holding in ADO to 33% to avoid a mandatory takeover offer by Adler to all ADO shareholders. Adler indicates a full consolidation of ADO within Adler Real Estate if the transaction goes ahead, which Adler expects to close in December 2019,” Moody’s said in a press release.
Moody’s affirmed the ADO’s Baa3 long-term rating and the Baa3 rating on its senior unsecured bond.
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