S&P rates EPP notes BB+

S&P said it assigned a BB long-term issuer credit rating to EPP Finance NV, the fully owned finance vehicle of Polish retail property owner EPP NV.

The outlook is positive.

The agency also said it assigned a BB+ rating to EPP Finance's inaugural senior unsecured notes.

The recovery rating is 2, indicating 85% expected default recovery.

The company's strategy is to become a leader in the retail market of major Polish cities and gradually divest all of its office portfolio by 2020, S&P said.

The ratings are underpinned by the sound quality of the company's shopping centers, the agency said.

All assets are located in catchment areas where purchasing power is higher than the Polish average, S&P said.

The agency said it believes the Polish retail market currently benefits from positive economic trends that should continue to support EPP's operations from 2018 through 2019.

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