S&P rates Adler BB-

S&P said it assigned a BB- long-term corporate credit rating to Adler Real Estate AG.

The agency said the rating reflects its view of Adler's weak debt-protection metrics, which are somewhat offset by the company's sound position in residential property market in Germany.

Adler has a sound portfolio of residential properties in the north and west of Germany, mainly in smaller cities, S&P noted.

The company also enjoys a high degree of tenant and asset diversity, which compares favorably with that of most peers, the agency said.

The main ratings constraints are the company’s smaller portfolio size, relatively high vacancy rate exposure to smaller cities with limited opportunities for employment and lower rent levels than the regional market average, S&P said.

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