Fitch assigns Grainger BBB-

Fitch Ratings said it assigned Grainger plc a BBB- long-term issuer default rating and senior secured rating of BBB.

“The ratings reflect Grainger's mid-market positioning in the U.K.'s residential private rented sector (PRS), with portfolio traits of stable rents with annual increases, geographic and tenant diversity, high occupancy, in a necessity-based asset class in an undersupplied UK market. Less affected by Covid-19, Grainger has average rent collection of 97%," Fitch said in a press release.

Grainger sold £350 million of 10-year 3% senior secured bonds in the second quarter.

The outlook is stable.

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