S&P lowers EPP view to stable

S&P said it revised the outlook on EPP Finance BV to stable from positive and affirmed the BB ratings.

EPP's credit metrics did not strengthen over the past year as anticipated due to lower-than-expected equity raising and office disposals, the agency explained.

However, EPP's performance remains resilient and in line with the current base case, S&P said, with positive like-for-like growth in rental income, high occupancy and positive portfolio revaluation.

The stable outlook considers an anticipation that EPP's shopping centers should continue generating steady rental income over the next 12 months, the agency said.

EPP's strategy is unchanged, S&P said.

It still intends to become a leader in the retail property market of major Polish cities with 19 shopping centers worth €2.2 billion as of Dec. 31, 2018, the agency said, and plans to divest its office portfolio.

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