S&P rates Grand City A-2

S&P said it assigned an A-2 short-term corporate credit rating to Grand City Properties SA.

The BBB+ long-term corporate credit rating and stable outlook are unchanged.

The A-2 short-term rating reflects a BBB+ long-term rating on Grand City and a view of the company's strong liquidity profile, S&P said.

The company’s business risk profile is underpinned by its large portfolio of income-producing residential properties worth about €4.6 billion as of Sept. 30, the agency said.

It is one of the largest listed residential property holding companies in Germany, S&P added.

The agency said it believes that the favorable equity- and debt-capital markets will allow the company to undertake moderately sized acquisitions without increasing leverage in its capital structure.

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