Creditreform Rating has set the issue rating for the ISIN AT0000A153X1 issued by JP Immobilien Invest ZWEI GmbH at AA- with a stable outlook. Altogether, we still consider the structural and operational risk as low. Credit and portfolio risks are significantly characterized by the creditworthiness of the commercial tenant structure in the hotel segment and, in addition, by scattered residential user concepts - partly taking into account so-called Friedenzinsen. The performance of the tenant portfolio is currently improving, which among other things is based on successful, longer-term lease agreements in the commercial segment. The properties are currently fully let except for a few renovations in the residential segment. The portfolio is in the stabilized phase and further renovations will be required in the future. In addition to the internal financing power of the Issuer, the necessary financing needs, such as liquidity required for early partial redemptions of the bond, are assumed to be ensured by the partners in the current analysis. Based on the latest valuation reports, the LTV ratio of the bond is approx. 54.75%. Taking into account the terms of significant rental agreements and the stabilizing effects on the tenant structure, we continue to assume that the bond will be refinanced in early 2024 in conjunction with the bond's LTV ratio. Our recovery rate analysis shows a coverage of obligations under senior secured collateralised bonds even in stressed scenarios.