S&P Upgrades TAG Immobilien After IPO of Polish Unit

S&P Global Ratings upgraded its long-term rating on TAG Immobilien (TEG.F) to BBB from BBB- following the listing of the company's Polish real estate development subsidiary, Robyg. In a Thursday note, the rating agency said the 295 million-euro initial public offering reduced the German real estate company's exposure to real estate development, which it viewed as more volatile than rental businesses. The outlook on the rating is stable, reflecting the company's operating performance, financial discipline and rental income growth in Germany and Poland.