Monday, April 13, 2009

S&P Maalot Puts Gazit-Globe Rating On Watch List

. Monday, April 13, 2009

By stockOzone team

Standard & Poor's Maalot said on Monday it has placed bonds of Israeli real estate investment firm Gazit-Globe Ltd (GLOB.TA) on "credit watch negative", citing an erosion in the company's financial situation.

S&P Maalot noted that the company made large write-offs in the fourth quarter due to a decline in the value of its property for investment.

Gazit-Globe posted a fourth-quarter net loss of 865 million shekels ($209 million), compared with a net profit of 105 million a year earlier.

"We plan to examine over the near term the worsening in the financial situation, the forecasts for the coming years and the appropriateness of the current ratings," the ratings agency said in a statement.

Gazit-Globe is the largest shareholder in Finland's Citycon (CTY1S.HE).

It operates in the United States through Equity One Inc EQY.N, of which it owns 40 percent, and in Canada through First Capital Reality Inc (FCR.TO), of which it owns 54 percent.

($1 = 4.14 shekels)

Disclosure: Author does not own any of the stocks discussed here.

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