Moody's rates Inmobiliaria Colonial Baa2

Moody's Investors Service said it assigned a first-time Baa2 long-term issuer rating to Inmobiliaria Colonial, SA.

The outlook is stable.

The ratings reflect the high quality of its office portfolio located in Paris, Madrid and Barcelona, Moody's said, and moderate leverage.

Colonial's Baa2 long-term issuer rating primarily reflects the high quality of its office portfolio and a diversified tenant base, moderately positive outlook for the company's key occupier and investment markets and its moderate leverage, Moody's said.

Partly offsetting these strengths are the structural subordination of Colonial lenders to the debt of its majority owned subsidiary, Societe Fonciere Lyonnaise and its elevated geographic concentration, the agency said.

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