S&P rates Grand City BB-

Standard & Poor's said it assigned a BB- long-term corporate credit rating to Grand City Properties SA.

The outlook is stable.

The rating reflects the company's fair business risk profile and aggressive financial risk profile, S&P said.

The agency said the German residential sector has lower volatility compared to other property sectors like commercial real estate.

The company's properties benefit from solid demand from a large pool of tenants in most of its locations across West Germany, S&P said.

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