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S&P affirms Adler Real Estate ratings, revises outlook

S&P Global Ratings affirmed its BB long-term corporate credit rating on Adler Real Estate AG and revised its outlook to positive from stable.

The rating agency also affirmed its BB+ long-term issue rating on the company's senior unsecured debt.

The positive outlook was attributed to the possibility of "stronger-than-expected" credit metrics arising from the company's efforts to improve its operating and financial performances.

The agency also noted Adler's improved cost of funding following its placement of an €800.0 million bond. S&P understands that the company is using the proceeds to buy back €676 million of its Schuldschein loans, which it said will improve its cost of debt to 2.7% in 2018 from 3.5%.

S&P estimates Adler's adjusted EBITDA-to-interest ratio will rise to 1.7x in 2018 and 1.8x in 2019, from 1.3x in 2017.

S&P Global Ratings and S&P Global Market Intelligence are owned by S&P Global Inc.