S&P rates Vesteda, notes BBB

Standard & Poor's said it assigned its BBB rating to Vesteda Finance BV, the finance subsidiary of Vesteda Residential Fund FGR.

The outlook is stable.

At the same time, the agency assigned its BBB issue rating to the €300 million senior unsecured notes Vesteda Residential proposes to issue through Vesteda Finance. The notes will be part of a new €1.5 billion euro medium-term note program, which is also assigned a BBB issue rating.

The rating on Vesteda Finance has been equalized with that on Vesteda Residential, reflecting its position within the group as Vesteda Residential's finance subsidiary.

In line with the group rating methodology, S&P considers Vesteda Finance to be a core entity of Vesteda, given that it was specifically set up to raise corporate debt on behalf of the group.

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