Fitch places Hammerson on watch

Fitch Ratings said it placed Hammerson plc's BBB long-term issuer default rating and BBB+ senior unsecured rating on rating watch negative.

“The RWN reflects the attention drawn by Hammerson's management to various factors ‘as a material uncertainty that may cast significant doubt on the group's ability as a going concern.’ The annual results' valuation scenario analysis points to potential accelerated refinance risk, which could constrain the group's liquidity resources. Furthermore, Fitch's previous internal analysis of a 30% decline in the group's future rental income may need further negative adjustment,” the agency said in a press release.

Fitch said it plans to resolve the RWN in the coming weeks after meeting management.

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