Following the press release1 indicating the withdrawal of the CARAT portfolio from the market by ARGAN, S&P Global Ratings published a bulletin stating that it considers ARGAN’s level of indebtedness to be consistent with its current rating, namely a long-term issuer rating of ‘BBB-‘ with a ‘Stable’ outlook.
The bulletin more particularly indicated2: “S&P Global Ratings today said that Argan S.A.’s credit metrics will remain consistent with the current rating level, despite the announcement on Sept. 23, 2025, not to sell a portfolio of warehouses of about €130 million.”
ARGAN is, indeed, now targeting an LTV EPRA ratio excluding duties of 41.5% (at constant capitalisation rate compared with June 2025 of 5.25%) and a ratio of net debt to EBITDA of 8.7 times for 2025, compared, respectively, with 43.1% and 9.2 times at the end of 2024.
Finally, S&P Global Ratings reiterates its confidence in the quality of the Company’s assets to generate steady cash flows, as well as in ARGAN’s ability to successfully refinance its €500 million bond maturity due in November 2026.
The bulletin and ARGAN’s rating are available on S&P Global Ratings’ website (www.standardandpoors.com)
Footnotes:
1 For more information, please read the press release dated September 23, 2025, published before the opening of stock exchange markets.
2 Extract of the bulletin published on September 23, 2025, by S&P Global Ratings.
