ARC Ratings, S.A. (ARC Ratings) affirms the “BBB”, with stable outlook assigned to the medium and long-term financial commitments of Réside Études Investissement S.A. (Réside Études) and to a bond loan with an outstanding amount presently of EUR 18.5 million, after a partial repayment in advance on 18 February 2016. This rating action is based on the Group’s resilience in the context of losses arising from the launching of new residences, from the 5-star aparthotels and from the segment of residences for seniors. Its resilience allowed it to reach an EBITDA increase in 2017, and debt coverage ratios improvement, even in a framework of significant investment. ARC also considered the reinforcement of its financial and management team in a context of growth in the activity. Benefiting from the positive fundamentals of the French market, the Group continues to implement its strategy of growth and investment, which, given the long term nature of its activity, will lead to a temporary increase in its leverage. However, the Group forecasts successive improvements in its capacity to generate funds, as well as, in its debt coverage ratios, which ARC will monitor, that support the stable outlook.