S&P ups TLG Immobilien

S&P said it upgraded TLG Immobilien AG and its senior unsecured debt rating to BBB+ from BBB. The upgrade follows Aroundtown SA’s voluntary takeover of TLG and brings TLG’s ratings into line with Aroundtown. The company now owns 77.8% of TLG.

“We understand that Aroundtown plans to fully integrate TLG into its group profile,” said S&P in a press release.

The agency also upgraded TLG’s subordinated debt to BBB- from BB+.

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