Moody’s gives CPI Property notes Baa3

Moody's Ratings said it assigned a Baa3 rating to the proposed €500 million senior unsecured notes issued by CPI Property Group.

CPI’s other ratings remain unaffected.

The outlook is negative.

The rating of the new senior unsecured notes is aligned with the Baa3 issuer rating of CPI, Moody’s said.

“CPI's long-term issuer rating remains supported by a large, diversified and well performing portfolio centered around the Czech Republic, Germany and Poland, focused on offices with meaningful retail, residential, hotel and other assets base,” the agency said in a news release.

“The company was able to sell material asset volumes around market value in a difficult market environment and management is focused on deleveraging.”

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