...- European retail landlords like KlTpierre could face lower occupancy rates and organic growth over the long term, due to the pandemic's lasting impact on retailers, which have been grappling with rising e-commerce competition for years. - KlTpierre's performance is particularly hindered by the pandemic, due to its focus on large shopping centers--which are hard hit by government restrictions--and we believe that retail landlords' revenue resilience and predictability is generally slightly weaker than in the past. - Consequently, we downgraded KlTpierre to '###+/A-2' from 'A-/A-2'. - The stable outlook reflects that we expect KlTpierre will maintain strong financial discipline, which should translate into sufficient rating headroom, despite potential further disruptions in operations during 2021, with its S&P Global Ratings-adjusted debt-to-EBITDA and debt-to-debt-plus-equity ratios below 11x and 50%, respectively....
