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Moody's confirms ADO Properties ratings following review

Moody's confirmed ADO Properties SA's Baa3 long-term rating and P-3 short term rating, following a review for downgrade that it launched in October.

The outlook on the ratings is stable.

The rating agency attributed the confirmation and outlook to ADO Properties' recent refinancing transactions, which improved the Luxembourg-based residential property company's liquidity and debt maturity profile, as well as the formalization of its liquidity policy.

Moody's also noted ADO Properties' focus on the stable German rental housing market, high asset quality and strong fixed-charge coverage.

The outlook reflects Moody's view that the company will maintain solid operating performance and resume external growth via acquisitions in the Berlin area.