...PARIS (Standard & Poor's) Nov. 30, 2015--Standard & Poor's Ratings Services said today that its ratings on French property company Icade S.A. (###+/Stable/A-2) are not affected by the company's revised investment and development strategy. We view Icade's increasing focus on the health care property segment as somewhat positive because of the long leases and high occupancy ratios, which should provide greater revenue stability and predictability than other segments of the property sector. Moreover, Icade already benefits from strong expertise and a significant position in health care property. We believe Icade's increased investment and development activities in offices in French cities other than Paris is not likely to weaken its credit quality. This is because we understand the company will mainly focus on cities with strong economic and demographic trends, and will employ a cautious pre-leasing policy. Although we anticipate that the overall level of accretive, but more risky, development...
