French real estate investment trust (REIT) Klepierre S.A. has sustained solid credit metrics amid market headwinds over the past few years thanks to a resilient asset base and prudent financial policy, allowing it to absorb the impact of increasing interest rates. We anticipate Klepierre will maintain reasonable leverage metrics thanks to the strong operating performance of its asset portfolio, resulting in S&P Global Ratings-adjusted debt to EBITDA remaining at or below 7.5x over the next 24 months. Despite a forecasted return to a more active acquisition strategy, we expect its adjusted debt to debt plus equity to remain below 45% over our forecasting period. Additionally, we expect Klepierre?s limited short-term refinancing needs will allow it to maintain EBITDA interest coverage
