| Add to balance / Manage account | User: | Log out |
| Prospect News home > News index > List of issuers I > Headlines for IGD Siiq SPA > News item |
S&P shifts IGD Siiq view to stable
S&P said it changed IGD Siiq SpAs outlook to stable from negative and affirmed the BB+ ratings on the issuer and its debt.
On Nov. 25, IGD closed the sale of a non-strategic portfolio of markets valued at 140 million.
The stable outlook reflects our view that the successful disposal of non-strategic stand-alone hypermarkets and supermarkets should help IGD to maintain its debt-to-debt plus equity ratio at 45%-46% in the coming 12 months, while its cash flow generation should benefit from the progressive reopening of its shopping malls and translate into an EBITDA interest coverage of 3x-4x and debt to EBITDA of about 9x-10x, S&P said in a press release.
Additionally, the agency noted the sale proceeds, IGD's cash balance of 53.9 million on Sept. 30, and its back up facilities of 60 million undrawn on the same date, could cover the upcoming maturities in 2022 of about 175 million.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.