Rating Action Commentary
ֳ Affirms EMEA Residential-for-Rent Real Estate Companies on Updated Criteria
Mon 17 Feb, 2025 - 8:06 AM ET
ֳ - London - 17 Feb 2025: ֳ has affirmed six EMEA residential-for-rent real estate companies' ratings, following the update of the EMEA Real Estate Ratings Navigator, which was part of the revision of Sector Navigators in the Corporate Rating Criteria, dated 6 December 2024. All their ratings and Outlooks are unaffected by the changes to specific Navigator sub-factors and blended factors. A full list of rated entities and their rating action commentaries (RACs) is below.
This RAC covers EMEA residential-for-rent property companies.
Sector Navigators provide guidance on how we apply the Corporate Rating Criteria to issuers within the sector that each specific Navigator addresses. ֳ's EMEA Real Estate: Ratings Navigator Companion report, dated 12 February 2025, and the updated EMEA Real Estate: Residential-for-Rent Property Companies — Relative Credit Analysis report, dated 17 February 2025, detail all the qualitative and quantitative factors and sub-factors for assessing these companies.
Key Rating Drivers
For full key ratings drivers for each issuer, see the RACs listed below.
D.V.I. Deutsche Vermogens- und Immobilienverwaltungs GmbH
"ֳ Affirms DVI at 'BBB-'; Outlook Stable", dated 12 December 2024
Grainger plc
"ֳ Affirms Grainger's IDR at 'BBB-'; Senior Secured Debt at 'BBB'", dated 30 January 2025
Heimstaden Bostad AB
"ֳ Revises Heimstaden Bostad's Outlook to Stable; Affirms Ratings at 'BBB-'", dated 10 January 2025
Peach Property Group AG
"ֳ Affirms Peach Property's IDR at 'CCC+'; Unsecured 'B-' Debt Rating Off RWN", dated 21 January 2025
SCI LAMARTINE
"ֳ Affirms SCI Lamartine's IDR at 'BBB+'/Stable; Senior Unsecured at 'A-'", dated 7 August 2024
Vonovia SE
"ֳ Assigns Vonovia a First-Time Rating of 'BBB+'; Outlook Stable", 28 March 2024
Derivation Summary
See relevant RAC for each issuer.
Key Assumptions
See relevant RAC for each issuer.
RATING SENSITIVITIES
See relevant RAC for each issuer.
Liquidity and Debt Structure
See relevant RAC for each issuer.
Issuer Profile
See relevant RAC for each issuer.
Sources of Information
The principal sources of information used in the analysis are described in the Applicable Criteria.
REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF RATING
The principal sources of information used in the analysis are described in the Applicable Criteria.
Public Ratings with Credit Linkage to other ratings
See relevant RAC for each issuer.
MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS
to access ֳ's latest quarterly Global Corporates Macro and Sector Forecasts data file which aggregates key data points used in our credit analysis. ֳ's macroeconomic forecasts, commodity price assumptions, default rate forecasts, sector key performance indicators and sector-level forecasts are among the data items included.
ESG Considerations
See relevant RAC for each issuer.
Additional information is available on
PARTICIPATION STATUS
The rated entity (and/or its agents) or, in the case of structured finance, one or more of the transaction parties participated in the rating process except that the following issuer(s), if any, did not participate in the rating process, or provide additional information, beyond the issuer’s available public disclosure.
APPLICABLE CRITERIA
APPLICABLE MODELS
Numbers in parentheses accompanying applicable model(s) contain hyperlinks to criteria providing description of model(s).
- Corporate Monitoring & Forecasting Model (COMFORT Model), v8.1.0 (1)
ADDITIONAL DISCLOSURES
ENDORSEMENT STATUS
| D.V.I. Deutsche Vermogens- und Immobilienverwaltungs GmbH | EU Issued, UK Endorsed |
| Grainger plc | UK Issued, EU Endorsed |
| Heimstaden Bostad AB | EU Issued, UK Endorsed |
| Heimstaden Bostad Treasury B.V. | EU Issued, UK Endorsed |
| Peach Property Finance GmbH | EU Issued, UK Endorsed |
| Peach Property Group AG | EU Issued, UK Endorsed |
| SAS Nerval | EU Issued, UK Endorsed |
| SCI LAMARTINE | EU Issued, UK Endorsed |
| Vonovia SE | EU Issued, UK Endorsed |