Standard & Poor’s confirmed ARGAN’s “investment grade” status
March 07 2024 - 11:45AM
Standard & Poor’s confirmed ARGAN’s “investment grade” status
Press release – Neuilly-sur-Seine, Thursday, March 7,
2024 – 5.45 pm
Standard & Poor’s confirmed
ARGAN’s“investment
grade” status
Following the 2023 annual results
release and the strategic plan combining growth and deleveraging
published on this occasion, Standard & Poor's, a recognized
international rating agency, has confirmed ARGAN's “investment
grade” status with a rating maintained at
BBB-.
Standard & Poor's
(S&P), through S&P Global Ratings,
renewed, in a report published on Wednesday, March
6, 2024, the “investment grade” quality of ARGAN with a
BBB- rating (with a “negative” outlook maintained at this
stage).
S&P took thus into account the
strategic roadmap presented on the publication of the 2023 annual
results on January 181, aiming to continue a controlled
development and reinforce the quality of ARGAN's signature
on the financial markets. More specifically, as part of a
policy of self-financed growth through targeted asset
disposals, ARGAN aims, by the end of 2026, to
reduce its LTV ratio to below 40% (compared with 49.7% at
the end of 2023) and that of net debt / EBITDA to
approximately 8x (compared with 11x
at the end of 2023), while recording a rental income growth
of around 5% per year on average over the period
2024-2026.
In its report, S&P notably
stated: “The tighter financial policy,
sustained cash flow generation, debt
amortization, and EBITDA contribution from
development will support deleveraging.”. The rating agency
also highlighted the “resilient” fundamentals of the French
logistics sector, which contribute to stable cash
flow outlooks. The rating is available on the S&P
Global Ratings website www.standardandpoors.com.
ARGAN is thus supported in its
strong and proactive deleveraging strategy and its ability to
reinforce its “investment grade” status, thus
allowing for future refinancing under the best possible
conditions, especially by the maturity of its €500 million bond
debt in November 2026.
2024 financial calendar (Publication of the
press release after closing of the stock exchange)
- March 21: General Assembly 2024
- April 2: Net sales of 1st quarter 2024
- July 1: Net sales of 2nd quarter 2024
- July 24: Half-year results 2024
- October 1: Net sales of 3rd quarter 2024
2025 financial calendar (Publication of the
press release after closing of the stock exchange)
- January 3: Net sales of 4th quarter 2024
- January 16: Annual results 2024
- March 20: General Assembly 2025
About ARGAN
ARGAN is the only French real
estate company specializing in the DEVELOPMENT & RENTAL OF
PREMIUM WAREHOUSES listed on EURONEXT and is the leading player of
its market. Building on a unique client-tenant-centric approach,
ARGAN builds pre-let PREMIUM warehouses for blue-chip clients and
supports them throughout all project phases from the development
milestones to the rental management.Profitability, tight control
over our debt and sustainability are at the heart of
ARGAN’s DNA. Its strongly proactive ESG policy has
very concrete results with our Aut0nom® concept, the “in-use” Net
Zero warehouse. As of today, our portfolio represents 3.6 million
sq.m, across about a hundred warehouses, exclusively located in the
continental part of France. This portfolio is valued €3.7 billion
as at December 31, 2023 for a yearly rental income of about €200
million in
2024. ARGAN is a
listed real estate investment company (French SIIC), on Compartment
A of Euronext Paris (ISIN FR0010481960 - ARG) and is included in
the Euronext SBF 120, CAC All-Share, EPRA Europe and IEIF SIIC
France indices.www.argan.fr
Francis
Albertinelli – CFO Aymar de Germay – General SecretarySamy Bensaid
– Head of Investor RelationsPhone: +33 1 47 47 47 40 E-mail:
contact@argan.frwww.argan.fr |
Marlène Brisset – Media relationsPhone: +33 6 59 42
29 35E-mail: argan@citigatedewerogerson.com |
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1 For more information, please refer the press release published
on January 18, 2024.
- 20240307 - S&P confirmed the investment grade rating of
ARGAN
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