...February 26, 2021 PARIS (S&P Global Ratings) Feb. 26, 2021--S&P Global Ratings today said that full-year results published by Icade S.A. on Feb. 22, 2021, revealed resilient rental growth, despite challenges in the office sector. Icade slightly outperformed our operating forecasts in 2020 and should remain within our '###+' ratings expectations in 2021 and 2022. French real estate company Icade operates in offices (51% of group EBITDA in 2019), health care (41%), and property development (8%) with the portfolio's fair value at 11.8 billion. In 2020, in contrast to the flat growth we had forecast, Icade's like-for-like (LfL) rental income grew 2% and asset valuations declined by only 2% versus our assumption of a 3%-4% drop. Our expectation that the company will experience moderate growth in 2021-2022 still holds, because higher development sales and steady health care rental income should offset potential income losses from the office portfolio, in particular business parks, which we view...
