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Bond Market News
CPI Property Downgraded to HY Status of Ba1
July 29, 2024
CPI Property has been downgraded by a notch to HY-status of Ba1, from IG status of Baa3 by Moody’s, becoming a fallen angel. The rating agency also downgraded its senior unsecured notes and junior subordinated notes to Ba1 and Ba3 respectively. The downgrade reflects the weak credit metrics that did not improve as per Moody’s expectations. The credit metrics weakness resulted from increasing cost of debt, weakening of asset valuations and higher debt volume following the debt funded-acquisitions of Immofinanz AG (Immofinanz) and S IMMO AG (S IMMO). The rating agency has a negative outlook on the entity considering the challenge to restore credit metrics, address upcoming medium-term refinancing needs and structural complications in the group.
Its bonds traded stable with its SGD 5.8% Perp at 42.2.
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