Fitch Affirms Vonovia's 'BBB+' Ratings; Outlook Stable

Reuters
2025.11.20 19:31
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Fitch Ratings has affirmed Vonovia SE's Long-Term Issuer Default Rating at 'BBB+' with a Stable Outlook. The rating reflects Vonovia's EUR78 billion residential-for-rent portfolio in Germany, with expected long-term rent growth. Despite regulatory limits, rental-derived EBITDA is supported by ongoing investments and efficiencies. Fitch forecasts net debt/EBITDA at 17.7x by end-2025, with interest cover narrowing to 2x by 2028. Vonovia's strategy includes modernisation, value-added services, and selective asset disposals to enhance financial stability.

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