Moody's changes Hammerson view to stable

Moody's Investors Service said it changed the outlook for Hammerson plc and Hammerson Ireland Finance DAC to stable from negative.

“Moody's changed Hammerson's outlook to stable because (1) the recovery in operating performance (including footfall and retail sales that are now close to their pre-pandemic levels) will support improved credit metrics in the next 12 to 18 months (2) recovering investment markets for retail assets make further large value drops in asset values far less likely (and reduce the risk of decreased capacity under the company's covenants) and will support the company's ongoing asset-disposal plans that will aid further deleveraging (3) the progress company has made in managing its balance sheet including accessing debt markets and refinancing its upcoming debt maturities,” the agency said in a press release.

Concurrently, the agency affirmed Hammerson’s Baa3 issuer and senior unsecured ratings and Hammerson Ireland’s Baa3 backed senior unsecured rating.

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