The change in Outlook reflects the risk of very high leverage for the next two years, driven by weaker operating performance amid impending headwinds, including higher financing costs and an unsupportive macroeconomic environment.

The rating affirmation is supported by operating profits and project progress in line with Scope's expectations as well as continued high asset quality but remains constrained by its higher leverage and inherent development risks.

The rating affirmations are supported by the growth and increased granularity of the company's project portfolio but constrained by its higher leverage and inherent development risks.

Scope Ratings completes monitoring review after the recent release of the half-year figures and updates on the development portfolio resulting in no action.

The affirmation is driven by the issuer's credit metrics and the growth of its development pipeline, both of which have evolved in line with Scope’s expectations.

Drivers for the upgrade are i) successful refinancing of unsecured debt in 2018, ii) improved access to external financing as well as iii) more conviction on Scope’s part that the company maintains LTV levels commensurate with the higher ratings.

The final rating assignment follows the issuance of the EUR 25m bond (2017/22 – 6.000% I ISIN DE000A2GSL68) on 10 November 2017.

Ratingbestätigung aufgrund der erwartungsgemäßen Entwicklung der Finanzergebnisse für H1 2016/17. Änderung des Ausblicks aufgrund hoher Refinanzierungswahrscheinlichkeit der 2013/18 Anleihe infolge eines signifikanten Anstiegs verfügbarer Kreditlinien.

The ratings have been affirmed as the company’s H1 2016/17 results are in line with business plan. The change in Outlook is driven by the high likelihood that the 2013/18 bond will be refinanced given the significant increase in available credit lines.