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S&P affirms Altarea ratings

S&P Global Ratings affirmed its BBB issuer credit rating and senior unsecured rating on French property owner and developer Altarea SCA, with a stable outlook.

The ratings action was based on the company's relatively good operating performance amid a drop in its portfolio value on a like-for-like basis in the past few months.

Ratings said the stable outlook factors in its expectation that Altarea will maintain its strong revenue backed by its shopping center portfolio, its development pipeline and an expected boost in the French housing market.

This S&P Global Market Intelligence news article may contain information about credit ratings issued by S&P Global Ratings, a separately managed division of S&P Global. Descriptions in this news article were not prepared by S&P Global Ratings.