Fitch Affirms NEPI Rockcastle at 'BBB'; Outlook Stable

Posted On Friday, 02 November 2018 14:33 Published by
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Fitch Ratings has affirmed real-estate company NEPI Rockcastle plc's Long-Term Issuer Default Rating (IDR) and senior unsecured rating at 'BBB' with a Stable Outlook.

 ALEX-MORAR

Fitch has also affirmed the senior unsecured rating of NE Property Cooperatief U.A., a 100% owned subsidiary of NEPI Rockcastle, at 'BBB'.

The ratings reflect the company's large portfolio of dominant shopping centres across central and eastern Europe (CEE), mainly located in Romania (37% by market value) and Poland (24% by market value).

Despite rapid growth, the company has maintained a conservative financial profile with good liquidity and a high degree of financial flexibility. In addition, the expansion is steadily reducing asset concentration and continues to increase geographic diversification into higher-rated countries.

The Stable Outlook reflects our expectations that NEPI Rockcastle will continue its expansion, while maintaining its conservative financial profile by funding through a combination of debt and equity.

Last modified on Tuesday, 06 November 2018 18:55

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