Scope completed the monitoring review for Euroboden GmbH including the current issuer and instrument ratings on 11 August 2020. This monitoring note does not constitute a rating action nor indicates the likelihood of a credit rating action in the short term.

The latest information on the credit ratings in this monitoring note along with the associated rating history can be found on www.scoperatings.com.

Key rating factors

After the release of the full year 2018/2019 and H1 2019/20 numbers, the company’s financials and development activity are fully in line with the financial base case and assumptions used in our most recent monitoring of the ratings as of 12 August 2019. All relevant parts of the issuer’s business risk profile including market position, asset quality, diversification and profitability do not show material change. Financial performance assessed in the financial risk profile including revenues, Scope-adjusted-EBITDA and financial leverage as measured by the loan-to-value ratio are also in line with our latest financial forecasts. We therefore deem the current rating case as unchanged and refrain from any rating action at this point.

The methodologies applicable for the reviewed ratings and rating Outlook: (Corporate Rating Methodology 26 February 2020; European Real Estate Corporates 17 January 2020) are available on https://www.scoperatings.com/#!methodology/list.
This monitoring note is issued by Scope Ratings GmbH, Lennéstraße 5, D-10785 Berlin, Tel +49 30 27891-0.

Lead analyst: Denis Kuhn, Associate Director
Analytical team head: Olaf Tölke, Managing Director

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