Fitch gives Globe Trade, notes BBB-

Fitch Ratings said it assigned Globe Trade Centre SA a first-time long-term issuer default rating of BBB- with a stable outlook and an expected senior unsecured rating of BBB-. Fitch also gave an expected BBB- senior unsecured rating to GTC Aurora Luxembourg SA, which plans to issue a €500 million bond, guaranteed by GTC.

“The ratings reflect GTC's EUR2.1 billion income-producing portfolio (end-March 2021), pro forma for acquisitions completed in April. The assets include modern office (65% of market value (MV)) and retail (35%) income-producing properties located in the capital cities of six CEE countries and Polish regional cities. The portfolio, rented mainly to multinational tenants, predominantly uses secured debt, whereas the planned unsecured bond is part of GTC's strategy to fund mainly through unsecured debt,” Fitch said in a press release.

The outlook reflects GTC's profile, including the planned equity issuance in FY21 (ending December 2021), which brings forecast net debt/EBITDA to a level commensurate with the BBB- IDR, the agency said, and helps lower the company's loan-to-value (LTV) towards its target 40%.

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