S&P Global Ratings affirmed its BBB long-term issuer credit rating on Carmila SA and revised its outlook to positive from stable.

The rating agency also affirmed its BBB long-term issue rating on the senior unsecured debt of the French shopping center-focused company.

The positive outlook was attributed to Carmila's portfolio expansion in recent years, through both organic growth and acquisitions, with "moderate financial discipline." The agency also noted the possibility of the company's operating performance surpassing its base-case expectations.

Over the next 24 months, the agency expects the company to maintain moderate leverage, with a debt-to-debt-plus-equity ratio of a maximum of 40%, and to log a strong interest coverage ratio of over 4x.

Considering the less resilient nature of Carmila's portfolio compared with its peers, S&P chose a bbb+ anchor rating for the company.

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.