The Negative Outlook reflects the significant risk that high leverage may persist for a prolonged period, despite the company’s ongoing deleveraging efforts through asset sales.

The change in Outlook to Negative is due to the increased risk that deleveraging efforts might fail to produce a leverage ratio in line with the current rating.

The affirmation is supported by the strategy to suspend issuance of incremental debt, which benefits credit metrics and expands the buffer against the effect of weaker sentiment in the German housing market.