Reuters: Financial Services and Real Estate: TEXT-S&P summary: Befimmo S.C.A

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TEXT-S&P summary: Befimmo S.C.A Mar 30th 2012, 10:03 Fri Mar 30, 2012 6:03am EDT Summary analysis -- Befimmo S.C.A. -------------------------------- 30-Mar-2012 The ratings on Belgium-based real estate company Befimmo S.C.A. reflect Standard & Poor's Ratings Services' view of the company's good-quality assets; its long-term leases to creditworthy tenants; and its limited exposure to development activities. These strengths are tempered by Befimmo's high exposure to the oversupplied Brussels office market, which continues to face high vacancy rates overall. In addition, the company is exposed to concentration risk owing to its focus on the Belgium federal and regional entities and the European institutions, whose leases represent 66.6% of gross revenues.

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