The ratings on Klépierre S.A. primarily reflect: The company's leading positions as an owner and manager of shopping centers in Continental Europe, as well as its longstanding presence in the Paris prime office real estate market; and The strong cash flow protection provided by the company's focus on shopping centers, which mitigates its more aggressive financial profile following the debt-funded acquisition in January 2001 of French food retailer Carrefour S.A.'s European shopping malls. With a portfolio market value of €4.71 billion in 2002 Klépierre is now the third-largest player in the French property market and a major player in retail Europe. Twenty-four percent of the company's retail assets are outside its French home market, mainly in Spain and Italy. Standard
