Fitch Ratings assigned a B long-term issuer default rating to German real estate developer Consus Real Estate AG, with a stable outlook.

The rating agency said the company's ratings are "constrained" by its high leverage, high development risk, its acquisition of SSN Group AG in November 2018 and its large development pipeline.

The ratings are bolstered, according to Fitch, by the company's strong business profile in prime German cities and its diverse project portfolio, among other things. Consus' forward-sale strategy limits volatility in property down-cycles and offers cash flow predictability, according to the rating agency.