Moody’s downgrades Hammerson

Moody’s Investors Service said it downgraded to Baa3 from Baa2 the issuer rating and the senior unsecured ratings of Hammerson plc.

The downgrade reflects the pandemic’s continued strain on the retail sector and Moody’s expectation of prolonged downward pressure on rents and values, Moody’s said.

The agency said it no longer believes the company can sustain credit metrics that are commensurate with a Baa2 rating.

The outlook remains ratings under review. The review started on April 8.

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