PARIS (Standard&Poor's) Jan. 8, 2008--Standard&Poor's Rating Services said today that it affirmed its 'BBB+/A-2' corporate credit ratings on French real estate group Klépierre S.A. The outlook remains positive. "The ratings and outlook reflect the group's continuously strong operating performances and a relatively solid financial profile," said Standard&Poor's credit analyst Pierre Georges. Klépierre enjoys very high occupancy rates (above 98% across its retail portfolio for the past six years), robust rental performance, solid EBITDA interest cover (above 3x) and a loan-to-value ratio below 45% (respectively 3.3x and 43% at June 30, 2007). Klépierre enjoys currently comfortable positioning at a 'BBB+' rating, and the positive outlook indicates the potential for a one-notch upgrade in the future.
