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 A moderate financial policy and aggressive growth strategy Heavy ongoing financing and refinancing needs More challenging market fundamentals in Central and Eastern Europe 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--€11.3 billion at Dec. 31, 2007--broadly diversified in terms of tenants, assets, formats, and geographic markets. Very high barriers to entry in its main markets, provided by generally tight regulations on new openings, as
