S&P upgrades Adler

S&P said it raised its long-term corporate credit rating on Adler Real Estate AG to BB from BB-.

The outlook is stable.

The agency said the upgrade reflects Adler's recently revised financial policy with a tighter target loan-to-value ratio of below 55%.

“We also factor in our expectation of improvements in Adler's debt-protection metrics already by end-2017 thanks to positive revaluations and debt repayment with part of proceeds from its sale of 80% of its subsidiary, Accentro Real Estate AG,” S&P said in a news release.

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