Loan to value (LTV) 1
Interest coverage ratio (ICR) 2
(1) Net financial debt / Total assets including transfer taxes, excluding goodwill if not justified by fee business as per the Group’s European leverage covenants
(2) Interest Coverage Ratio (ICR) = Recurring EBITDA / Recurring Net Financial Expenses (including capitalised interest); Recurring EBITDA is calculated as total recurring operating results and other income less general expenses, excluding depreciation and amortisation.
(3) Typical covenant level.
Average cost of debt
Nominal gross debt
Consolidated (per instrument)
Proportionate (per instrument)
Consolidated (per currency)
Proportionate (per currency)
Financial Ratings
Unibail-Rodamco-Westfield has a robust credit profile and enjoys one of the best ratings in the industry. This rating reflects the Group’s large, high-quality and well-diversified property portfolio, its position as the premier global developer and operator of flagship shopping destinations.
| Moody’s Rating | Standard & Poor's | |
|---|---|---|
| Long-term rating | Baa2* | BBB+* |
| Short-term rating | NR | A-2 |
*with stable outlook