S&P affirms, withdraws Buwog

S&P said it affirmed its BBB+ long-term issuer credit rating on Buwog AG.

The agency withdrew the rating on Buwog at the company's request.

The outlook was stable at the time of withdrawal.

The affirmation reflects an assessment of Buwog's credit quality as a core subsidiary of Vonovia SE (BBB+/stable/A-2), S&P said.

“This assessment primarily reflects Vonovia's 90.73% controlling ownership and that, after Vonovia's initiated squeeze-out of minority shareholders, Buwog's operations will be fully integrated into Vonovia,” the agency said in a news release.

“We believe that the company is unlikely to be sold in the medium term.”

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