S&P lowers Icade's rating to 'BBB-', outlook now stable

Long-term rating lowered, negative outlook removed

S&P Global has lowered Icade's long-term credit rating from 'BBB with negative outlook' to 'BBB- with stable outlook'. The negative outlook attached to the previous rating therefore resulted in a downgrade, accompanied by a now stable outlook.

According to the agency, this decision reflects its assessment of the group's operating profile. Consequently, the short-term rating of the property company is also lowered from 'A-2' to 'A-3'.

Three financial ratio thresholds confirmed by S&P

The agency has confirmed the financial ratio thresholds consistent with this rating level. The net debt to net debt plus equity ratio must remain below 50%, and the net debt to EBITDA ratio must remain below 11 times.

The interest coverage ratio (ICR) must, for its part, remain above 2.4 times. These three thresholds define, for S&P, the quantified framework associated with the BBB- rating.

Icade reports €2.2 billion in liquidity covering its maturities through 2030

Icade has said it takes note of this decision and has reaffirmed its commitment to 'rigorous management, in service of strengthening its operating profile and preserving its financial flexibility'.

At the end of September 2026, the group had a liquidity position of €2.2 billion, net of outstanding short-term negotiable securities (NEU CP), which amounted to €215 million as at 30 September 2026. According to Icade, this amount allows it to cover its debt maturities through 2030.

This decision follows Icade's confirmation, on 20 October 2026, of its target for current net cash flow of between €2.90 and €3.10 per share for the financial year, published alongside consolidated revenue of €887.1 million over nine months, down 3.9%.