ARGAN: STANDARD & POOR’S PLACES THE COMPANY’S “BBB-” ISSUER CREDIT RATING ON POSITIVE CREDIT WATCH
Press release – Neuilly-sur-Seine, Monday, July 27, 2026 – 2.45 pm
ARGAN: Standard & Poor’s places the company’s “BBB-” issuer credit rating on positive credit watch
Following the announcement on July 23, 2026 of its proposed merger with WDP, S&P Global Ratings has placed ARGAN's current issuer credit rating ("BBB-") on a Positive CreditWatch. This indicates that S&P Global Ratings could upgrade ARGAN's rating by at least one notch (to "BBB") upon completion of the merger, which is expected in the first quarter of 2027.
This decision reflects the rating agency's assessment of the combined group's potential for a stronger financial profile and improved credit quality. WDP-ARGAN would benefit from increased scale, a stronger rental income profile, broader geographic diversification, and a leading position across Europe's key logistics real estate markets. The transaction would also reduce tenant concentration risk through the dilution of the largest tenants' share of the combined portfolio.
The placement on Positive CreditWatch represents an initial recognition of the strategic benefits expected from the transaction. The merger would create a leading European logistics real estate platform with greater resilience, enhanced investment capacity, improved access to capital markets, and a preserved financial profile.
2026 financial calendar (Publication of the press release after closing of the stock exchange)
- October 1: Net sales of 3rd quarter 2026
2027 financial calendar (Publication of the press release after closing of the stock exchange)
- January 4: Net sales of 4th quarter 2026
- January 21: Annual results 2026
- March 25: General Assembly 2027
About ARGAN
ARGAN is the only French real estate company specializing in the DEVELOPMENT & RENTAL OF PREMIUM WAREHOUSES listed on EURONEXT and is the leading player of its market in France. Building on a unique customer-centric approach, ARGAN develops PREMIUM and pre-let Au0nom® -labelled warehouses – i.e., which produce their own energy for self-consumption – for blue-chip companies, with tailor-made services throughout all project phases from the development milestones to the rental management. As at June 30, 2026, ARGAN represented a portfolio of 3.9 million sq.m, with close to 110 warehouses located in the continental area of France. Appraised at a total of €4.3 billion (excl. duties), this portfolio generates a yearly rental income of €224 million (yearly rental income based on the portfolio delivered as at June 30, 2026). Profitability, well-mastered debt and sustainability are at the heart of ARGAN’s DNA. The financial solidity of the Group’s model is notably reflected in its Investment-grade rating (BBB- with a stable outlook) with Standard & Poor’s. ARGAN is also deploying a committed ESG policy addressing all its stakeholders. Achievements as part of this roadmap are regularly recognized by third-party agencies such as GRESB (rated: 83/100), Sustainalytics (low extra-financial risk), Ethifinance (gold medal) and Ecovadis (silver medal – top 15% amongst rated companies). ARGAN is a listed real estate investment company (French SIIC), on Compartment A of Euronext Paris (ISIN FR0010481960 - ARG) and is included in the Euronext SBF 120, CAC All-Share, EPRA Europe and IEIF SIIC France indices.
Francis Albertinelli – CFO Aymar de Germay – General Secretary Samy Bensaid – Head of Investor Relations Phone: +33 1 47 47 47 40 E-mail: contact@argan.fr | Marlène Brisset – Media relations Phone: +33 6 59 42 29 35 E-mail: argan@cdrconsultancy.com |
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