...- Vonovia's operations as a residential property owner in regulated real estate markets have proved highly resilient during the COVID-19 pandemic compared with other real estate segments, such as retail or hotels. We now evaluate the business risk profile as excellent versus strong before. - The company is active in three strong economies, namely Germany, Sweden, and Austria, while it benefits from its large scale to generate consistent positive risk-adjusted returns. - Vonovia's leverage remains well within our current rating assessment, despite an increase in the past four quarters, with debt to debt plus equity at 54.3% and debt to EBITDA at 16.8x (rolling 12-month average) as of March 31, 2020. Vonovia has a strong track record of successfully integrating large portfolio acquisitions and realizing synergies, while retaining its committed financial policy. - Therefore, we are affirming our '###+/A-2' long- and short-term ratings on Vonovia with a stable outlook....
