S&P revises GPT view to negative

S&P said it revised its outlook for GPT Group to negative from stable but affirmed the A ratings on the company and its rated debt.

“Our negative outlook on GPT reflects the pressure on GPT's credit metrics following the debt-funded acquisition of the Ascot Capital portfolio, which is likely to result in the S&P Global Ratings adjusted FFO-to-debt ratio remaining below 12%,” the agency said in a press release.

Though S&P said it sees GPT’s leverage and debt headroom to be constrained in the short run, it acknowledged GPT’s track record of retaining cash flow and recycling the sale of its noncore assets to support its credit quality.

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