Strong property management expertise and local knowledge Broad diversity of tenants, assets, and geographic markets A focus on retail property assets Very high occupancy and steady internal growth prospects in the three main markets A moderate financial policy and aggressive external growth strategy Heavy ongoing financing and refinancing needs More challenging market fundamentals outside the three main areas The ratings on France-based property company Klépierre S.A. primarily reflect the company's: Strong position and solid expertise in the ownership and management of shopping center galleries, most often anchored by well-established food retailers. Large portfolio--€7.9 billion at June 30, 2006--broadly diversified in terms of tenants, assets, formats, and geographic markets. Very high barriers to entry in its main markets, provided by generally
