Large portfolio of retail property assets Retail assets generally have significant barriers to entry, very high occupancy, and steady internal growth prospects Broad diversity of tenants, assets, and geographic markets Strong property management expertise and local knowledge Moderate financial policy Heavy ongoing financing and refinancing needs Challenging market fundamentals in southern Europe The ratings on France-based property company Klépierre S.A. primarily reflect its large and diversified portfolio, mostly focused on resilient retail assets; high barriers to entry in its main markets, provided by generally tight regulation; and strong position and solid expertise in the ownership and management of shopping center galleries. These business strengths are set to continue to back up Klépierre's cash flow generation and the market values of
