Moody's affirmed the A3 backed senior unsecured note ratings on Corio NV.
The outlook was revised to negative from stable.
Corio's rating was based on the credit quality of Klépierre, which acquired the Dutch retail property company in March 2015.
The rating reflects the French shopping center real estate investment trust's diversified portfolio, moderate development risk, diversified debt structure, and good capital access and liquidity.
However, the retail industry continues to face challenges in relation to the shift in consumer spending online affecting both occupational and investor demand for retail properties.
The negative outlook represents the uncertainties brought about by the coronavirus pandemic to retailers, which could lead to a possible decline in their credit profile.