Fitch assigns MAS Real Estate BB

Fitch Ratings said it assigned MAS Real Estate Inc. a first-time BB long-term issuer default rating. Concurrently, the agency gave an expected BB senior unsecured rating to MAS Securities BV, which plans to sell a €300 million bond, guaranteed by MAS.

“The ratings reflect MAS's small Central and Eastern European (CEE) €443 million wholly-owned portfolio (December 2020) of commercial properties, which should significantly increase through planned acquisitions during FY22 to FY24. An ambitious development program is housed in its 40%-owned development joint venture (DJV), which is funded through external, non-recourse debt and MAS-injected preference shares,” Fitch said in a press release.

The outlook is positive, reflecting the profile after planned disposals and acquisitions, thus increasing MAS' portfolio and cutting asset concentration, the agency said.

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