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S&P cuts Deutsche Wohnen
S&P said it lowered its long-term issuer credit and bond ratings on Deutsche Wohnen SE to BBB+ from A.
Vonovia SE closed its voluntary public takeover offer of Deutsche Wohnen, and now holds almost 65% of Deutsche Wohnen's equity.
“Our ratings on Deutsche Wohnen are now capped by the ratings on its parent, Vonovia SE. We now view Deutsche Wohnen as a core subsidiary to Vonovia. We understand that Deutsche Wohnen will be fully integrated as a core division of Vonovia and will be part of the group's identity and strategy,” S&P said in a press release.
The outlook is stable.
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