The ratings on Klépierre S.A. primarily reflect: The company's leading positions as an owner and manager of shopping malls 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 malls, which mitigates its more aggressive financial profile following its January 2001 acquisition of French food retailer Carrefour S.A.'s (A+/Stable/A-1) 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. In all, 24% of the company's retail assets are outside its home market of France, mainly in Spain and Italy.
