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S&P trims New Immo to junk
S&P said it lowered its ratings for New Immo Holding and its senior unsecured notes to BB+ from BBB-.
New Immo is a unit of ELO (Auchan Holding) and contributes about 25% of the parent’s EBITDA.
On Monday, ELO’s ratings were lowered to BB+ from BBB-, which led to New Immo’s downgrade, the agency said.
The outlook is stable.
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