IMMOFINANZ received an investment grade rating (BBB-, stable outlook) on 22 January 2019 and S&P Global Ratings confirmed this rating in February 2021 as part of its annual review. After we announced our intention to make a voluntary public takeover offer to the shareholders of S IMMO AG in March 2021, S&P revised its outlook from stable to negative. At the S IMMO general meeting in June 2021, the majority required to revoke the maximum voting right was not reached. Consequently, a key condition for IMMOFINANZ’s takeover offer to S IMMO shareholders was not met. We decided not to amend our takeover offer, which, as a result was cancelled, and S&P has reinstated its stable outlook for the issuer rating. This rating and the outlook were confirmed during the annual review process in January 2022.
In order to align the rating on IMMOFINANZ to those on CPI Property (CPI has a controlling interest in IMMOFINANZ), S&P raised the rating on IMMOFINANZ and its unsecured debt from "BBB-" to "BBB" in June 2022. The outlook was adjusted from "stable" to "negative".
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