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 accounted for around 47% of total financial liabilities as at June 30, 2023. As at the last reporting date, there were four corporate bonds and a promissory loan placed on the capital market with a total volume of approximately €1.25 bn). The remainder accounts for secured financings with a larger number of financial institutions and a total volume of € 1.38 bn.
As a result of Starwood's stake increase and in connection with the special distributions, Moody's downgraded CA Immo's long-term issuer rating and senior unsecured ratings to Baa3 with negative outlook in November 2021. The rating was last confirmed by Moody's in a credit opinion in February 2023.