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S&P affirms EPP unit ratings, changes outlook

S&P Global Ratings changed its outlook on EPP NV subsidiary EPP Finance BV to stable from positive and affirmed its BB ratings.

The rating agency attributed the outlook revision to the slower-than-expected leverage reduction by the company due to slower office sales and not raising enough equity over the last 12 months. Ratings expected about €100 million of sale proceeds as of Dec. 31, 2018, whereas the company was unable to complete any sales.

EPP is a retail property owner in Poland, where Ratings believes the retail market still benefits from positive economic trends that should continue to support the company's operations over 2019-2020.

The outlook reflects the rating agency's expectation that EPP's high-quality retail assets should continue generating at least stable rental income in the coming years.

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