Moody’s downgrades Corio

Moody’s Investors Service said it downgraded the backed senior unsecured note ratings of Corio NV to Baa1 from A3. The agency revised the outlook to stable from negative.

“The downgrade to Baa1 reflects increased leverage expectations as a consequence of a weak operating outlook for the company and the broader retail real estate sector,” said Oliver Schmitt, a Moody’s vice president and senior credit officer and lead analyst for Corio. “We expect both the financial profile and the business profile to be weaker going forward than pre-Covid-19.”

Following the merger with Klepierre SA in 2015, Corio ceased to exist as a separate entity. Klepierre assumed responsibility for Corio’s debt obligations. The Baa1 backed senior unsecured rating reflects Klepierre’s credit quality, Moody’s said.

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