S&P rates AltaREIT BBB

S&P said it assigned its BBB long-term issuer credit rating to AltaREIT SCA.

The outlook is stable.

The agency said the issuer credit rating is three notches higher than its bb stand-alone credit profile.

“We view the company as core and integral to its 99.6% shareholder, Altarea, a €4.7 billion French retail property holding company that operates in a less volatile industry,” the agency said in a news release.

S&P said it expects that the overall consolidated group will keep generating robust revenue over the next 24 months, thanks to its high-quality shopping centers and increasing backlog of new development projects, boosted by the positive trend in the French housing market.

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