S&P Global Ratings assigned its BBB long-term issuer credit rating to AltaREIT SCA, the property development arm of French retail real estate investment trust Altarea Cogedim.
The outlook is stable.
S&P believes the company is core to its 99.6% shareholder, Altarea, a €4.7 billion retail property holding company, which functions in a less volatile sector.
The stable outlook reflects the rating agency's expectation that the overall consolidated group will keep producing solid revenue over the next 24 months, due to its shopping centers and snowballing backlog of new development projects, backed by the positive trend in France's 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. The original S&P Global Ratings documents referred to in this news brief can be found here.
