German residential property company Deutsche Annington Immobilien SE (DAI) is likely to strengthen its scale and market position, in our view, as a result of the announced acquisition of its peer, GAGFAH. We are placing our 'BBB' long-term rating on DAI on CreditWatch with positive implications. The CreditWatch reflects our view that the transaction could significantly improve DAI's scale and diversity, while we expect the company to maintain leverage and cash flow metrics around current levels. On Dec. 1, 2014, Standard&Poor's Ratings Services placed its ratings on Deutsche Annington Immobilien SE (DAI) on CreditWatch with positive implications. This includes our 'BBB' long-term corporate credit rating, our 'BBB' senior unsecured debt rating, and our 'BB+' rating on the company's
