The affirmation is driven by the credit-neutral impact of a successful acquisition of Deutsche Wohnen S.E., with a clear path to deleveraging bringing credit metrics back to pre-transaction levels by YE 2022 at the latest.

The affirmation is driven by Vonovia's strong business risk profile, which supports cash flow generation, leading to stable credit metrics with limited downside volatility.

The rating reflects the issuer's strong business risk profile backed by an increasing share of rental income from outside of Germany following merger control clearance for the Hembla AB acquisition, while credit metrics remain stable.