S&P rates Corestate Capital BB+

S&P said it assigned a BB+ long-term corporate credit rating to Corestate Capital Holding SA.

The outlook is stable.

The rating reflects a view of the company's fair business risk profile and intermediate financial risk profile, the agency said.

With only €22 billion of assets under management, Corestate is a small asset manager with a high geographical exposure to Germany, which represents more than 75% of invested assets under management, S&P said.

The company derives most of its income from real estate assets and strategies and is highly concentrated in terms of industry compared with large asset managers, the agency said.

However, Corestate's strategies are relatively well diversified within real estate as the company offers an extensive range of investment products to clients, S&P said.

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