Frankfurt am Main: S&P Global Ratings has affirmed the credit ratings of D.V.I. Deutsche Vermögens- und Immobilienverwaltungs GmbH and its senior unsecured bond at ‘BB+’ and ‘BBB-’, respectively. The outlook remains stable.
According to S&P, DVI’s “focus on affordable residential properties benefits from favorable supply-demand imbalance, supporting stable and predictable cash flows with high occupancy rates of 99%.” The “highly diversified” residential tenant base, with its average stay of over 14 years, is viewed positively. For DVI’s commercial buildings, making up 21% of DVI’s portfolio, S&P foresees “some vacancy risk, following slow demand in the German office market”.
S&P highlighted DVI’s “moderate leverage”, its “relatively long” average debt maturity at “over six years”, and a capital structure that is “minimally exposed to floating interest rates”.
