Research Update: France-Based Property Group Unibail-Rodamco 'A' Long-Term and 'A-1' Short-Term Ratings Affirmed; Outlook Stable Jun 10

Standard & Poors, June 2010

Abstract
France-based property group Unibail-Rodamco has, in our view, a large, high-quality, and diversified retail property portfolio that provides stable cash flows. It also has a solid capital structure. We are affirming our 'A' long-term and 'A-1' short-term corporate credit ratings on Unibail-Rodamco. The stable outlook mainly reflects our view of the group's ability to maintain adequate leverage and financial flexibility amid difficult market conditions. On June 4, 2010, Standard & Poor's Ratings Services affirmed its 'A' long-term and 'A-1' short-term corporate credit ratings on France-based property group Unibail-Rodamco. The outlook is stable. The ratings on France-based property group Unibail-Rodamco reflect our view of its position as Europe's largest real estate company; its high-quality and well-diversified property portfolio that is mostly...

Companies mentioned in this report are: Unibail-Rodamco,Rodamco Europe N.V.,Rodamco Europe Finance B.V.,Rodamco Sverige AB
Action: Affirmed
Action: Outlook: Stable

Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.

Product Type: Research Update
Research updates complement media releases. They offer more depth and detail than summary analyses by incorporating all information published in the media release. They are more up to date than summaries in that they are published simultaneously with media releases.

Unibail-Rodamco,Rodamco Europe N.V.,Rodamco Europe Finance B.V.,Rodamco Sverige AB

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