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S&P affirms Carmila, changes outlook

S&P Global Ratings affirmed its BBB/A-2 issuer credit rating on Carmila SA and changed the ratings outlook to stable from positive.

The rating agency said the action is based on its expectation that the French property company will not be able to maintain S&P Global Ratings-adjusted debt to debt plus equity below 40% despite a good operating performance and disciplined financial policy.

The new outlook takes into account Ratings' view of recent signs of weakness in Europe's retail property sector, which it believes is slightly less resilient and liquid than previously, as well as more replaceable.

The stable outlook factors in Carmila's strong retail portfolio and high occupancy rate in its three markets, which will likely lead to stable and predictable income. Ratings expects the REIT to maintain a business model that will meet new consumer behavior with sustained positive operating performance.

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.