=> Upgrade of corporate family rating (CFR) from “Ba3” to “Ba2”
=> Rating for backed, senior unsecured bonds of Peach Property Group from “Ba3” to “Ba2”
=> Expectation: stable cash flow and maintenance of good liquidity with balanced growth strategy
Moody’s Investors Service (Moody’s) has upgraded the corporate credit rating of Peach Property Group AG, a real estate company focused on investing in and managing rental properties in Germany, to “Ba2” with a stable outlook. The rating for subordinated, unsecured bonds of Peach Property Group was also raised by Moody’s from “Ba3” to “Ba2”.
The upgrade of the corporate rating reflects the significant corporate growth of Peach Property Group, a lower leverage ratio and a more conservative financial policy. Moody’s points to Peach Property Group’s significantly increased property portfolio via acquisitions, as well as improved target annual rental income and higher market value of the portfolio. This is complemented by a good track record of integrating acquisitions into its operating platform, while continuing to generate strong operating metrics. The rating agency also highlights the improved leverage target.
Dr Thomas Wolfensberger, CEO of Peach Property Group AG, commented: “The recent upgrade by Moody’s, following on from S&P and FitchRatings, underlines the solidity of our financial profile and the strength of our operating platform. We are thus well positioned for further, value-creating growth steps.”
“The rating upgrade marks another important step on our path to continuously further reduce financing costs. In view of the upcoming refinancing of our outstanding unsecured corporate bonds, this will enable us to reduce future interest expenses,” added Thorsten Arsan, Chief Financial Officer of Peach Property Group AG.
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Dr. Thomas Wolfensberger, Chief Executive Officer and
Thorsten Arsan, Chief Financial Officer
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About Peach Property Group AG
The Peach Property Group is a real estate investor and developer with an investment focus in Germany. The group stands for many years of experience, competence and quality. Innovative solutions for state-of-the-art living needs, strong partnerships and a broad value chain round off the profile. The portfolio consists of high-yield portfolio properties, typically in B-cities in the catchment area of conurbations. In addition, the Group develops real estate for its own portfolio or for condominium marketing. In the latter area, the Group concentrates on A locations and properties with attractive architecture and upscale furnishings for an international clientele. Its activities span the entire value chain from evaluating locations through to acquisitions and also active asset management and property sales or lettings.
Peach Property Group AG has its registered office in Zurich and the Group is headquartered in Cologne. Peach Property Group AG is listed on SIX Swiss Exchange (PEAN, ISIN CH0118530366). Its Board of Directors consists of Reto Garzetti (President), Peter Bodmer, Dr. Christian De Prati, Kurt Hardt and Klaus Schmitz.
More information at https://peachproperty.com