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TEXT-Fitch afrms Hammerson at 'BBB+'; otlk stbl
"Jean-Pierre Husband, a Director in Fitch's EMEA Corporate Finance team, said:
"Hammerson's decision in March 2012 to concentrate on its retail portfolio, and sell its office portfolio over the medium term, should allow it to better lever its specialist retail asset management skills, and maintain the group's solid business, operational and financial profile."
"... Although Fitch has generally assessed sector diversification as credit positive in its EMEA Real Estate Investment Trust (REIT) ratings, the agency also believes that concentration on one sector can provide operational and financial upside for all stakeholders, provided the portfolio has a critical size and the management has strong specific skills within a given asset class (which Hammerson has in retail)."
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