S&P rates New Europe BBB-

Standard & Poor’s said it assigned a BBB- preliminary long-term corporate credit rating to New Europe Property Investments plc.

The outlook is stable.

The preliminary rating reflects the company’s fair business risk profile and modest financial risk profile, S&P said.

The company’s business risk profile is underpinned by its position as the largest retail property owner in Romania, the agency said.

The company enjoys a very high occupancy ratio of 98.3% with strong tenants, multinational companies or regional leaders with triple-net lease contracts fixed in euro, S&P said.

The agency said it sees limited development risk in the portfolio because a large share of development is the extension of existing projects, the agency said.

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