French retail real estate company Klépierre is likely to reduce its leverage and improve its asset profile over the coming quarters, as a result of its disposal of a large portfolio of 127 noncore assets to Carrefour. We are placing our 'BBB+' long-term rating on Klépierre on CreditWatch with positive implications. We could raise the rating by one notch if the transaction completes in a timely fashion and allows Klépierre's coverage of interest by EBITDA to rise to close to 3x and debt to debt-and-equity to fall to close to 45%. We would assume that management intends to maintain these leverage levels over the long term. On Dec. 17, 2013, Standard&Poor's Ratings Services placed its 'BBB+' long-term corporate
