Moody's assigns a Baa1 rating to LEG's proposed EUR500 million senior unsecured notes
London, 16 January 2017-- Moody's Investors Service has today assigned a Baa1 rating to the proposed EUR500 million senior unsecured notes issuance by LEG Immobilien AG, a German residential real estate company. LEG's Baa1 long-term issuer rating and stable outlook are unchanged. "The proposed EUR500 million notes issuance is credit positive as the proceeds will mainly refinance secured debt leading to a doubling of the unencumbered assets ratio to 20%," says Ramzi Kattan, a...Leg Immobilien is a real estate company engaged in the management of its residential property portfolio as well as the acquisition of housing portfolios. As of Dec 31 2013, Co.'s portfolio comprised 94,311 residential units, 1,031 commercial units and 22,903 garages and parking spaces. These assets are distributed across around 160 locations, most of which are in North Rhine-Westphalia, Germany.
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