Sweden-based Akelius Residential Property AB (Akelius) owns and manages a portfolio of about 50,000 units, globally spread over Sweden, Germany, Canada, England, and France. We assess Akelius' business risk profile as strong, based on its good geographic diversity in stable residential real estate markets. We view the financial risk profile as aggressive, based on the company's high adjusted debt, including our treatment of its preference shares as 50% debt in our financial ratios. We are assigning Akelius our 'BBB-' long-term corporate credit rating. The stable outlook reflects our expectation of continued favorable demand for midsize residential apartments in most of Akelius' markets, where new supply remains manageable and economic fundamentals are solid. On June 1, 2015, Standard&Poor's Ratings
