S&P Downgrades Icade's Credit Rating

On November 6, 2026, Standard & Poor’s (S&P) downgraded Icade's long-term credit rating from ‘BBB with a negative outlook’ to ‘BBB- with a stable outlook’. The revised rating reflects S&P's assessment of Icade’s operational profile. Consequently, the short-term rating was also downgraded from ‘A-2’ to ‘A-3’.

The financial ratio thresholds set by S&P for the new rating include a net debt-to-capital ratio below 50%, a net debt-to-EBITDA ratio under 11x, and an interest coverage ratio exceeding 2.4x.

Icade acknowledged this decision and reaffirmed its commitment to prudent management to bolster its operational profile and maintain financial flexibility. As of September 30, 2026, Icade held a robust liquidity position of €2.2 billion, covering all debt maturities until 2030.