S&P affirms Vonovia

S&P said it affirmed its BBB+/A-2 long- and short-term issuer 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 SEK 17.8 billion offer to acquire 100% of Victoria Park AB.

“We note that the fundamentals of the Swedish letting market for residential assets appear comparable to those of Germany and believe the funding mix and the modest size of the transaction should be neutral for the company's credit metrics,” the agency said in a news release.

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