German residential property company Deutsche Annington Immobilien (DAI) has announced its intention to acquire 41,500 rental units for €2.4 billion, including debt. We project DAI's credit metrics will remain commensurate with a "significant" financial risk profile and that the unencumbered asset ratio will reach at least 50% before the end of 2014. We are affirming our long-term corporate credit rating on DAI at 'BBB', and our issue ratings on its unsecured bonds at 'BBB'. The stable outlook reflects our view that solid demand for the company's properties should continue to support rental income growth in 2014. On Feb. 28, 2014, Standard&Poor's Ratings Services affirmed its 'BBB' long-term corporate credit rating and its 'A-2' short term corporate credit rating
