Fitch revises MAS outlook to stable

Fitch Ratings said it revised the outlook on MAS plc to stable from positive and affirmed the long-term issuer default rating at BB. The agency also affirmed MAS' senior unsecured rating and MAS Securities BV's €300 million senior unsecured bond, which is guaranteed by MAS, at BB/RR4.

“The revision of the outlook reflects concerns over the availability and costs for non-investment-grade bonds in the real estate sector. This has led MAS to revise its financial strategy. To better position the company to meet its medium-term financial obligations, especially its €300 million bond maturing in May 2026, it has suspended dividends, sourced new secured bank debt and halted new residential developments,” Fitch said in a press release.

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