French office real estate company and developer Icade S.A.'s leverage is expected to remain above previously anticipated levels due to the delayed recovery of its property development business, while increased vacancies and negative rental reversion weigh on Icade's office property portfolio. We also expect that the disposal of health care assets, initially scheduled to complete by end-2025, will most likely spill into 2026 and potentially to early-2027. The proceeds resulting from this transaction are paramount to reducing the company's leverage, which will remain elevated and at a level that we no longer view as commensurate with our 'BBB+' rating. We therefore lowered to 'BBB' from 'BBB+' our ratings on Icade and on its unsecured debt. Our 'A-2' short-term issuer credit
