S&P revises Klepierre view to negative

S&P said it revised the outlook for Klepierre SA to negative from stable and affirmed the company’s A- rating.

“The closure of all nonessential stores will have a significant impact on Klepierre's operations. Over the past two weeks, as Covid-19 has rapidly spread across Europe, almost all governments have implemented lockdown measures to reduce the scale of the pandemic. In most countries, these measures have included closing all nonessential stores for an undetermined period. All of Klepierre's real estate portfolio consists of shopping centers, hence it will be hard hit by the closures,” said S&P in a press release.

So far, Klepierre has not reported any loss of rent, S&P said.

It proactively switched to monthly rent payments, instead of quarterly, to limit the effect of rent payments on its tenants, the agency said.

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