S&P rates in'li BBB+

S&P said it assigned a BBB+ long-term issuer credit rating to in'li.

in'li manages a €7.9 billion portfolio of intermediary residential housings in the greater Paris region, S&P explained.

The company has moderate debt with a debt-to-debt plus equity ratio expected at less than 25% over the next 24 months, the agency said.

S&P said it considers in'li's business model and cash flow generation predictability as robust, with the company renting housing units in undersupplied geographical areas and at below-market levels, ensuring high occupancy at all times.

The agency said the positive outlook reflects the possibility of upgraded ratings for the company within the coming 24 months, assuming that its parent, Action Logement group, improve their financial reporting over this period and provide greater transparency regarding their financial performance, strategy and governance.

S&P said it also recognizes that future large investments may create some development risk.

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