S&P affirms Vonovia

S&P said it affirmed the BBB+/A-2 long- and short-term corporate credit ratings on Vonovia SE.

The outlook is stable.

At the same time, the agency affirmed the BBB+ issue rating on the group's senior unsecured debt and BBB- issue rating on the group's subordinated debt.

S&P said the affirmation follows Vonovia's announcement of a €5.3 billion offer to acquire 100% of Buwog AG.

“We understand Vonovia aims to gain control of the company and fully integrate it as a core division, which would be part of the group's current identity and future strategy,” the agency said in a news release.

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