Loan to value (LTV) 1

Interest coverage ratio (ICR) 2

(1) Net financial debt / Total assets including transfer taxes, excluding €1,129 million of goodwill as per the Group’s European leverage covenants
(2) Interest Coverage Ratio (ICR) = Recurring EBITDA / Recurring Net Financial Expenses (including capitalised interest); Recurring EBITDA is calculated as total recurring operating results and other income less general expenses, excluding depreciation and amortisation.

Average cost of debt

Nominal gross debt

Consolidated (per instrument)

Proportionate (per instrument)

Consolidated (per currency)

Proportionate (per currency)

Financial Ratings

Unibail-Rodamco-Westfield has a robust credit profile and enjoys one of the best ratings in the industry. This rating reflects the Group’s large, high-quality and well-diversified property portfolio, its position as the premier global developer and operator of flagship shopping destinations.

Moody’s Rating Standard & Poor's
Long-term rating Baa2 BBB+**
Short-term rating NR A-2

**with negative outlook