S&P confirms Covivio’s BBB+ rating, stable outlook 

S&P highlights the strong operational profile, diversified, and supported by rental performance. As a reminder, like-for-like revenues growth reached +7.1% at end-March 2024, with an increasing occupancy rate, up 0.4pt to 97.1%, and a weighted average lease break of 6.7 years. 

Regarding the financial profile, the rating agency praises the solidity of the balance sheet, with an average debt maturity of almost 5 years, and €2.4 billion in available liquidity to cover debt maturities over the next two years. Covivio also benefits from 92% hedging ratio at end-2023, for an average maturity of hedging instruments of almost 6 years. S&P also indicates that credit ratios are well rooted in the thresholds of the BBB+ rating. 

This confirmation once again demonstrates the resilience of Group’s business model and the quality of its balance sheet.