Strategic focus on high quality shopping centers; Extensive tenants, assets, and, increasingly, geographic diversity; and Prudent development policy outside the domestic market. Moderate financial policy; Significant development pipeline, of which a large share targets growing, but potentially more volatile, foreign markets; and Some persistent, albeit minor, exposure to, and opportunistic strategy in, the more volatile office property market. The ratings on France-based Klépierre S.A. primarily reflect the company's strong positions in property and in the management of large food-anchored shopping centers, its broad variety of assets and tenants, geographic diversity, and solid operating performances. These strengths translate into resilient cash flow streams. They are mitigated by the company's moderate debt leverage and large expansion projects primarily targeting foreign markets. Standard
