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S&P elevates Aroundtown, notes
S&P said it raised the long-term corporate credit rating on Aroundtown SA to BBB+ from BBB.
The outlook is stable.
The agency also raised the issue ratings on the company’s senior unsecured debt to BBB+ from BBB, on its subordinated debt to BBB- from BB+, and on its perpetual notes to BBB- from BB+.
The upgrade follows the increased scale and scope of Aroundtown's property portfolio to about €10.4 billion as of Sept. 30, up from €6.2 billion on Sept. 30, 2016, S&P explained.
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