Kardan Drops to Lowest Close on Record as S&P Lowers Rating

Kardan NV (KARD) fell to the lowest close on record after the investor in real estate and financial services had its ratings cut by Standard & Poor’s Maalot.

The Amsterdam-based company’s stock dropped 5.2 percent to 2.089 shekels at the 4:30 p.m. close in Tel Aviv, the lowest since July 2003 when the shares were listed in Israel.

Kardan was lowered to ilCC from ilBBB at S&P’s Maalot yesterday, which said the liquidity profile of the company will deteriorate as a result of a debentures buy-back plan announced this month.

To contact the reporter on this story: Shoshanna Solomon in Tel Aviv at ssolomon22@bloomberg.net

To contact the editor responsible for this story: Claudia Maedler at cmaedler@bloomberg.net

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