The Negative Outlook continues to reflect Vonovia’s high leverage and the risk that the loan/value ratio remains above 45%, despite ongoing asset disposals, deleveraging measures and improved market conditions.

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.