Strong cash flow protection provided by the company's focus on shopping centers, A prudent development policy, and The expected increase in rental levels as the integration of newly acquired shopping malls continues. A moderate financial policy, and Low interest and debt coverage ratios for the rating category in 2001. The ratings on Klépierre S.A. primarily reflect: The company's leading positions as an owner and manager of shopping centers in Continental Europe, as well as its longstanding presence in the Paris prime office real estate market; and The strong cash flow protection provided by the company's focus on shopping centers, which mitigates its more aggressive financial profile following the debt-funded acquisition in January 2001 of French food retailer Carrefour S.A.'s European
