The ratings on France-based property company Klépierre S.A. primarily reflect its: Strong position and solid expertise in the ownership and management of shopping center galleries, most often anchored by well-established food retailers. Large and broadly diversified portfolio in terms of tenants, assets, formats, and geographic markets, representing €12 billion as of June 30, 2008; and Very high barriers to entry in its main markets, provided by generally tight regulations on new openings. These business strengths are set to continue to back up Klépierre's cash flow generation and the market values of its retail assets. They are nevertheless tempered by the group's intermediate financial profile; a heavy debt-financed investment program; and some, albeit moderate, exposure to more challenging markets, including Spain
