The financing strategy of the CA Immo Group is based on a balanced mix of secured and unsecured financing instruments with the aim of minimising financing costs and interest rate risk and maximising average term and flexibility. Retention and, in the medium term, improving the investment grade rating on the basis of a sound balance sheet structure with a strong equity basis is a key strategic component, which is also reflected in the objective of a defensive and robust financial profile.
The ratio of unsecured financing at Group parent company level has risen steadily since the investment grade rating was granted and accounted for around 56% of total financial liabilities as at September 30, 2021. As at the last reporting date, there were six corporate bonds placed on the capital market with a total volume of approximately €1.4 bn). The remainder accounts for secured financings with a larger number of financial institutions and a total volume of € 1.1 bn.
As a result of the offer announcement by SOF-11 Klimt, Moody‘s had placed CA Immo’s investment-grade rating (Baa2 with stable outlook) under review for a possible downgrade. On 16 November 2021, Moody’s published the result of its rating committee held on 12 November 2021 and remained the long-term issuer rating and senior unsecured ratings of CA Immo investment grade at Baa3 with a negative outlook.