Moody's assigns Hammerson bond Baa3

Moody's Investors Service said it assigned a Baa3 rating to the backed benchmark-sized sustainability-linked euro bond to be issued by Hammerson Ireland Finance DAC, a wholly owned financing subsidiary of Hammerson plc.

The bond is rated Baa3, in line with Hammerson's Baa3 long-term issuer rating, Moody’s said.

Proceeds will be used for general corporate purposes including repayment of upcoming maturities.

“The company has a €500 million senior unsecured bond due in July 2022 and a €500 million senior unsecured bond due in March 2023. Moody's views the bond issuance, if successful, as credit positive because it tackles upcoming debt well ahead of its maturity and reinforces the company's access to public debt markets,” the agency said in a press release.

The outlook is negative.

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