Large portfolio of retail property assets. Retail assets that generally have sizable barriers to entry, high occupancy rates, and steady internal growth prospects. Broad diversity of tenants and assets, and wide geographic reach. Strong property management expertise and local knowledge. Relatively high debt leverage. Heavy ongoing financing and refinancing needs. Exposure to challenging market fundamentals in Southern Europe and Hungary. The ratings on France-based property group Klépierre S.A. primarily reflect Standard&Poor's Ratings Services' view of the group's 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
