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Summary: Klepierre S.A. Oct 11
Standard & Poors, Oct 2011
Abstract
The ratings on France-based property group Kl-pierre S.A. primarily reflect Standard & Poor's Ratings Services' view of: the strong cash flow from the group's large and diversified portfolio, mostly comprising resilient retail assets; high barriers to entry in its main markets because of generally tight regulation; and a strong position and solid expertise in the ownership and management of shopping center galleries. We consider the strength and diversity of the real estate companies' asset portfolios to be the most relevant factors in assessing their business risk profile. These strengths are nevertheless tempered by our view of the group's financial risk profile as 'significant'; the real estate industry's inherent cyclicality and capital intensity; and some exposure to currently weak economies, mainly...
Companies mentioned in this report are: Klepierre S.A.
Action: Review
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.
This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.
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