Close Back to main website

Rating and activity

The rating agencies Standard & Poor’s and Fitch have given Klépierre the following ratings:

Issuer rating Long term unsecured debt / Short term

Standard & Poor's

BBB+ (stable outlook)

BBB+ / A2

Fitch

BBB+ (stable outlook)

A- / F1

The key objective of Klépierre’s financing policy is to ensure that the Group always has the financial resources needed to fund its development.

Accordingly, Klépierre strives to maintain a balanced financial structure that is framed by the following ratios:

12/31/2023 Contractual limit

Loan to Value

38.0%

Less or equal to 60%

EBITDA/Net interest expense

8.4x

More or equal to 2.0x

Klépierre also diversifies its sources of financing using: bank lending in various formats (syndicated, bilateral loans, etc.); the bond market; commercial paper to meet short-term financing needs.

Bond issues

The bond market enables Klépierre to diversify the sources and maturities of its financing.

EUROBOND ISSUES LISTED ON THE PARIS STOCK EXCHANGE (EMTN)

Due date Issue date Currency Outstanding nominal Coupon ISIN Code Prospectus

11/06/2024

11/06/2014, 01/28/2015, 11/06/2015

EUR

556,700,000

1.75%

FR0012283653

01 02 03

10/22/2025

10/22/2015

EUR

255,000,000

2.125%

FR0013030038

01 02

02/19/2026

02/19/2016

EUR

500,000,000

1.875%

FR0013121753

01

02/16/2027

02/16/2017, 02/27/2017

EUR

600,000,000

1.375%

FR0013238045

01 02

05/21/2027

05/21/2012

EUR

50,000,000

4.23%

FR0011255280

01

05/12/2029

05/12/2020, 06/14/2023

EUR

700,000,000

2.00%

FR0013512233

01 02

07/01/2030

07/01/2019, 06/26/2023, 07/13/2023

EUR

700,000,000

0.625%

FR0013430741

01 02 03

02/17/2031

11/17/2020

EUR

600,000,000

0,875 %

FR0014000KT3

01

09/29/2031

09/29/2016

EUR

600,000,000

1.250%

FR0013203825

01

12/13/2032

12/11/2017, 05/06/2020, 06/16/2020, 09/20/2023

EUR

750,000,000

1.625%

FR0013300605

01 02 03 04

09/23/2033

02/23/2024

EUR

600,000,000

3.875 %

FR001400NDQ2

01

Commercial Papers (NEU CP)

Klépierre has a Negotiable European Commercial Paper (NEU CP) program of EUR 1,500 million, entirely covered by unused credit lines allowing immediate refinancing in case of difficulties in issuances.

The program is rated A-2 by the rating agency Standard & Poor’s and F1 by Fitch. It boasts a European label STEP
(Short-Term European Paper. For more information, see www.stepmarket.org).

Detailed features of the program can be found in the financial documentation : NEU CP.pdf

Top