On Jan. 11, 2007, Standard&Poor's Ratings Services revised its outlook on France-based property company Klépierre S.A. to positive from stable. At the same time, the 'BBB+/A-2' corporate credit ratings were affirmed. The outlook revision reflects the company's strong track record in maintaining high occupancy levels, optimizing the tenant mix, and catching rental upside at renewals, as well as an overall prudent hedging and liquidity policy and relatively solid cover measures. It also reflects Klépierre's significantly increased scope since it was first rated in 1999. Net unadjusted financial debt was €3.4 billion at June 30, 2006. The ratings on Klépierre S.A. primarily reflect the company's: Strong position and solid expertise in the ownership and management of shopping center galleries,
