Klepierre S.A. sustained resilient credit metrics amid real estate sector stress over the past 24 months thanks to a prudent financial policy. We expect the company to improve its debt-to-EBITDA ratio to or under 7.5x, supported by its solid operating performance and conservative financial policy, while debt to debt plus equity should remain near 44%-45% as valuation starts stabilizing. Therefore, we revised our outlook on Klepierre to positive from stable and affirmed our 'BBB+/A-2' long- and short-term issuer credit and issue ratings on the company and its unsecured debt. The positive outlook indicates that we could raise the rating within the next 12-24 months if Klepierre's operating performance remains resilient, its portfolio valuations remain relatively stable, and the company does
