Large portfolio of retail property assets. Retail assets that generally have sizable barriers to entry, high occupancy rates, and steady growth prospects. Broad diversity of tenants and assets, and wide geographic scope. Strong property management expertise and local knowledge. High debt leverage relative to peers as evidenced by a loan-to-value (LTV) of 47.2% as reported by the company. Large ongoing financing and refinancing needs. Exposure to economies that were substantially affected by the downturn in Southern Europe. 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
