Sirius Real Estate Ltd gets investment-grade credit rating from Fitch Ratings
Among credit strengths, the credit agency noted the highly diversified tenant base
() flagged that Fitch Ratings has published its first credit rating for the company, resulting in a BBB rating with a stable outlook.
In its report, Fitch alluded to the resilience of Sirus’s German business park portfolio and its seventh consecutive year of like-for-like rental growth of over 5% and rent collection rates of 98% in the face of the COVID-19 pandemic.
READ: Sirius Real Estate reports strong rental growth and cash collection despite COVID-19 impact
The credit agency also highlighted financial leverage (net debt / EBITDA) and net interest cover, which are expected to stay relatively constant and compare well to other commercial real estate companies.
Among credit strengths, Fitch noted Sirus’s in-house digital sales and marketing capability and highly diversified tenant base.
Sirius chief financial officer Alistair Marks said: “The investment-grade rating is a key milestone for Sirius Real Estate and will allow us to optimise and diversify our funding structure.”
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