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S&P raises Blackstone Property Partners Europe Holdings ratings

S&P Global Ratings upgraded its long-term issuer credit rating on Blackstone Property Partners Europe Holdings Sarl to BBB from BBB- and revised the ratings outlook to stable from positive.

The rating agency also upgraded its issue ratings on the Pan-European real estate company's senior unsecured debt to BBB from BBB-.

Ratings said the upgrade is based on the expansion of the company's portfolio of logistics, residential and office properties in major European markets to approximately €4.4 billion. It expects the company to keep its debt-to-debt-plus-equity ratio below 50% and its EBITDA interest coverage at around 3x.

The stable outlook factors in the rating agency's view that the company will likely keep generating stable income from its diverse property portfolio supported by high occupancy rates.

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