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Rating Action:

Correction to Text, August 31, 2010 Release: Moody's assigns (P)Baa3 senior unsecured rating to Gecina's EMTN Programme

Global Credit Research - 05 Oct 2010

Title and first paragraph rating of Gecina's EMTN Programme should read (P)Baa3 not Baa3. Revised Release follows.

London, 05 October 2010 -- Moody's Investors Service today assigned a provisional senior unsecured rating of (P)Baa3 to the existing EMTN Programme of Gecina SA ("Gecina" or "the Company "). This rating refers to the issuance of unsubordinated notes under the EMTN Programme, which represent unsecured and unsubordinated obligations of the issuer ranking pari passu to other senior unsecured and unsubordinated instruments issued by the Company. The provisional senior unsecured rating is in line with Gecina's long-term issuer rating of Baa3. Absent a change in the long-term issuer rating, all of Gecina's programmes to issue long-term senior unsecured debt ranking pari passu to other senior unsecured and unsubordinated debt are rated (P)Baa3 and all senior unsecured debt issues can be expected to be rated Baa3. An option exists under the EMTN Programme to issue subordinated debt, but Moody's understands that it is not the Company's intention at present to do so and Moody's does not rate any subordinated debt of the issuer. Furthermore, if Moody's were to rate any issuance of subordinated debt, it would not expect the rating to be at the same level as for senior unsecured notes. Gecina's other ratings and outlook remain unchanged at this point.

RATINGS RATIONALE

Gecina's Baa3 long-term issuer rating with stable outlook reflects the size and quality of the company's property portfolio, which benefits from having an active internal property management team and produces a strong, recurring rental income stream that is underpinned by (i) medium- to long-term leases, (ii) rent indexation clauses; and (iii) low overall vacancy rates. The properties are well diversified by tenant and by sector -- office, residential, healthcare, logistics parks and hotels. However, the portfolio is geographically concentrated in Paris and the Paris regions in France and, while this is one of the largest office markets in Europe, this constrains the rating to some extent.

When the issuer rating was first assigned Moody's noted that the rating is weakly positioned in the Baa3 category given the tight headroom on its loan-to-value and secured debt-to-value loan covenants. On assigning the Baa3 rating, Moody's took a prospective view that management would successfully manage the company's LTV back towards its internal guidelines of 40% - 45% and reduce the proportion of secured debt in the capital structure, thus restoring a more comfortable headroom under its covenants. The rating also assumed that there will be no further material deterioration in property asset values in 2010. Unaudited Q2-10 results indicate that, according to the calculations for its bank financial covenants, the loan-to-value ratio has remained stable and some minor improvement has been made to its secured debt-to-value ratio. In addition, the company was successful in refinancing over EUR1 billion of debt in the first half of 2010, ensuring that its liquidity profile remains adequate.

The stable outlook reflects Moody's view that (i) despite the still weak economic climate in France, Gecina will continue to produce steady revenues and operating profits; (ii) the fixed charge coverage ratio will be maintained above 2.5x, total adjusted debt to property assets will trend down over time to below 45% and secured debt as a proportion of property assets will decrease over time from current levels; and (iii) management will have formally agreed the refinancing of the various debts maturing in 2011 at least twelve months before the respective maturity dates.

There is little upward pressure on the rating at present due to the continued weak positioning at Baa3. However, upward pressure could result from an improvement in credit metrics such that total debt to property assets (as defined by Moody's) moves below 40% on a sustainable basis.

Downward pressure could result from an adverse deviation in operating performance from current expectations or other factors resulting in a worsening in fixed charge coverage or leverage metrics, specifically fixed charge coverage trending below 2.4x or total debt to property assets rising towards 50%. Any liquidity concerns or deteriorating trend in covenant headroom would also put negative pressure on the rating.

The principal methodologies used in rating Gecina S.A. were Global Rating Methodology for REITs and Other Commercial Property Firms published in July 2010, and Moody's Approach to Global Standard Adjustments in the Analysis of Financial Statements for Non- Financial Corporations -- Part II published in February 2006. Other methodologies and factors that may have been considered in the process of rating this issuer can also be found on Moody's website.

Moody's last rating action was implemented on 31 March 2010, when Moody's assigned a Baa3 rating to an issue by Gecina S.A. of senior unsecured bonds that will be net share settled, convertible into new and/or exchangeable for existing shares (ORNANEs) with final maturity on 1 January 2016.

Gecina S.A., headquartered in Paris, France has a portfolio of commercial and residential properties that were reported in the 30 June 2010 balance sheet at EUR10.9 billion and produced gross revenues of EUR310 million in the first six months of 2010.

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London
Lynn Valkenaar
Vice President - Senior Analyst
Corporate Finance Group
Moody's Investors Service Ltd.
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

London
Paloma San Valentin
MD - Corporate Finance
Corporate Finance Group
Moody's Investors Service Ltd.
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

Moody's Investors Service Ltd.
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Correction to Text, August 31, 2010 Release: Moody's assigns (P)Baa3 senior unsecured rating to Gecina's EMTN Programme
No Related Data.
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