Fitch affirms Americold

Fitch Ratings said it affirmed the BBB issuer default ratings of Americold Realty Trust and Americold Realty Operating Partnership, LP following its announced $1.24 billion acquisition of Cloverleaf.

The outlook is stable.

The agency said it views the Cloverleaf acquisition as a net credit positive that strengthens Americold's operating and financial profiles.

“Cloverleaf will expand Americold's portfolio scale through 14% cubic feet capacity growth and 20% net operating income growth. It improves portfolio granularity to 177 from 155 assets,” Fitch said in a news release.

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