On Jan. 8, 2008, Standard&Poor's Rating Services affirmed its 'BBB+/A-2' corporate credit ratings on French real estate group Klépierre S.A. The outlook remains positive. The ratings and outlook reflect the group's continuously strong operating performances and a relatively solid financial profile. Klépierre enjoys very high occupancy rates (above 98% across its retail portfolio for the past six years), robust rental performance, solid EBITDA interest cover (above 3x) and a loan-to-value ratio below 45% (respectively 3.3x and 43% at June 30, 2007). The ratings also continue to 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; its large portfolio--€10 billion at June 30, 2007--broadly
