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S&P upgrades conwert rating amid Vonovia takeover

S&P Global Ratings raised its long-term corporate credit rating on conwert Immobilien Invest SE, the target of Vonovia SE's successful takeover offer, to BBB+ from BBB-, with a stable outlook.

The rating agency said in a Jan. 18 update that conwert's creditworthiness is now supported by its status as a subsidiary of Germany-based Vonovia, whose offer for all of conwert's shares became unconditionally binding last week. Vonovia now holds 71.5% of the company.

Meanwhile, conwert's shareholder Adler Real Estate AG has sold its 26% stake to Vonovia for €422 million.

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