The credit ratings on France-based Klépierre S.A. primarily reflect the company's: strong position and solid expertise in the ownership and management of shopping center galleries, most often anchored by food retailers; broad diversity of tenants, assets, and geographic markets; very high barriers to entry provided by generally tight regulations on new openings; and a not yet mature market, where shopping centers tend consistently to gain market shares over more traditional forms of retail outlet. These business strengths are expected to continue to underpin resilient cash flow generation and market values of retail assets. They are tempered by the group's aggressive debt-financed growth policy, which translates into large financing needs, substantial noncancelable purchase commitments, and an increasing exposure to new unseasoned
