...- Lithuania-based Akropolis Group UAB is a leading retail and entertainment real estate owner and operator in the Baltic region, with a modest 771 million portfolio at year-end 2020 that included mainly shopping centers, and a prudent financial policy targeting a reported net loan-to-value of up to 40%. - The company is a core subsidiary of Vilniaus Prekyba UAB (VP) group, whose main core subsidiary is Maxima Grupe UAB (Maxima), and we view Akropolis as integral to VP's strategy, with the parent likely providing support in case of need. - We therefore assigned our '##+' ratings to Akropolis and its senior unsecured debt, in line with those on VP and Maxima. - The negative outlook mirrors that on Maxima and reflects our expectation that, over the next 12-18 months, Maxima's adjusted leverage and funds from operations (FFO) to debt could hover at 2.9x-3.1x and 27.0%-29.5%, respectively....
