Fitch upgrades Hammerson

Fitch Ratings said it upgraded Hammerson plc's issuer default rating to BBB+ from BBB and senior unsecured rating to A- from BBB+, along with its short-term issuer default rating to F2 from F3.

The long-term issuer default rating has a stable outlook.

The upgrades reflect the solid improvement in Hammerson's debt serviceability in both 2009 and 2010, the agency said.

This is despite the substantial development spending that Hammerson will invest in the Terrace du Port shopping center complex in Marseille in the next three years, Fitch said.

The agency said it believes that this improvement in interest serviceability should continue in the medium term.

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