S&P Rating vom 26.8.: BBB+
Auszug
"We expect Vonovia’s credit metrics will remain consistent with the current ‘BBB+’ ratings, despite our conservative assumptions.
Debt to debt plus equity (54.9% as of June 30, 2022) and debt to EBITDA (20.2x) should remain at about 55% and 19x-20x in 2022-
2023, respectively. This is mainly thanks to asset disposals--€3 billion assumed in 2022, followed by €400 million in recurring sales in
2023--and flat asset revaluations. We believe these levels are consistent with our 'BBB+' ratio requirements, such as debt to debt
plus equity below 60%. Upside still hinges on Vonovia sustainably restoring debt to debt and equity below 55% and debt to
annualized EBITDA to 15x-17x. Assuming Vonovia refinances its upcoming debt maturities at 3.3% (equivalent to its current five-year
yield to worst), its EBITDA to interest ratio (4.5x as of June 30, 2022, rolling 12 months) would still remain at about 3x, which is
acceptable at the current rating level.
Vonovia’s liquidity needs remain manageable. The company has enough liquidity to cover more than a year of needs, with a multiple
of 1.5x for the next 12 months. In particular, it had about €5.0 billion of cash and available revolving credit facility (RCF) as of June 30,
2022, backing its €2.6 billion of short-term debt maturities. Moreover, the company has the potential to raise €8 billion of additional
secured debt while remaining compliant with its bond covenants and our thresholds for equalizing the issue rating with the issuer
credit rating
mehr
ir-api.eqs.com/media/document/...62022.PDF?disposition=inline
*****
Scope 8.7. Rating A-
"Rating rationale
Vonovia’s strong business risk profile is the key driver for the rating. Vonovia is Europe’s
largest residential real estate corporate, with excellent access to capital and investment
markets, a well-diversified portfolio spread across German, Austrian and Swedish
metropolitan areas, as well as high tenant diversification that supports stable rental cash
flows. Furthermore, economies of scale and high occupancy across the company’s portfolio
support high and stable profitability. Vonovia’s financial risk profile benefits from a low
Scope-adjusted loan/value (LTV) ratio, diversified debt structure, and high unencumbered
asset position, allowing the company to weather changes in the lending environment.
The rating is constrained by high leverage as measured by Scope-adjusted debt/EBITDA,
which makes the company vulnerable to adverse market movements. The rating is also
held back by Vonovia’s ongoing, but weakening, focus on the German market, with its
associated regulatory risk, and negative discretionary cash flows, though anticipated to
become break-even to facilitate the target of no incremental debt issuance going forward.
Outlook and rating-change drivers
The Outlook for Vonovia remains Stable and reflects improving credit metrics in the medium
term, driven by reduced expansion capex following the issuer’s ‘no incremental debt’ target,
with the Scope-adjusted LTV anticipated to decline to around 40% and Scope-adjusted
debt/EBITDA forecasted to reach around 15x in the next 12 to 18 months. The Outlook
includes investments of EUR 2.0bn-2.8bn yearly during the forecasted period (including
bolt-on acquisitions) targeting a carbon-neutral portfolio by 2045.
mehr
ir-api.eqs.com/media/document/...inion.pdf?disposition=inline
Zurück
