Moody's moves Merlin view to positive

Moody's Investors Service, said it changed the outlook to positive from stable and affirmed the Baa2 long-term ratings of Merlin Properties Socimi, SA.

"Merlin's positive rating outlook is supported by a much stronger financial profile following the signed disposal of the bank branches portfolio leased to BBVA and the planned use of around €1 billion proceeds from that transaction to reduce leverage and invest into logistics and data centers, which will diversify the company's earnings profile over the next few years. Capital structure will remain strong alongside with an LTV below 36% in line with Merlin's tightened financial targets," said Ana Luz Silva, a vice president senior analyst at Moody's and lead analyst for Merlin Properties, in a press release.

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