S&P cuts Klepierre

S&P said it downgraded Klepierre to BBB+/A-2 from A-/A-2.

The outlook is stable.

“Klepierre, like other retail property landlords, could face a deterioration in occupancy rates, rent levels, and lease terms, due to the pandemic and related economic downturn weighing on retailers, which are already impacted by longer-term pressures from e-commerce,” S&P said in a news release.

Klepierre continues to face strong operating pressures due to store closures, the agency added.

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