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| Share Name | Share Symbol | Market | Type |
|---|---|---|---|
| LEG Immobilien SE | TG:LEG | Tradegate | Ordinary Share |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 79.58 | 79.58 | 79.58 | 0.00 | 01:00:00 |
From May 2022 to May 2024
By Ed Frankl
Shares in German real-estate companies fell Wednesday after ratings agency Moody's cut the investment grade of Vonovia SE.
Moody's downgraded the Bochum-based company to Baa1 from A3, albeit with an outlook that remains stable, as rising interest rates have weakened the outlook for real-estate valuations and would significantly increase cost of debt.
At 1145 GMT, shares in Vonovia, its subsidiary Deutsche Wohnen SE, LEG Immobilien SE and TAG Immobilien AG were down 4.8%, 3.3%, 4.9% and 5.9%, respectively.
The more cautious stance from Moody's and other credit ratings agencies is "completely understandable" and Vonovia could potentially speed up its progress on reducing its debt, analysts at Berenberg said in a note.
Peer rating agency S&P gives Vonovia a BBB+ rating.
Write to Ed Frankl at edward.frankl@dowjones.com
(END) Dow Jones Newswires
November 02, 2022 08:21 ET (12:21 GMT)
Copyright (c) 2022 Dow Jones & Company, Inc.
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