Fitch places RPT Realty positive watch

Fitch Ratings said it placed the ratings of RPT Realty and its operating partnership, RPT Realty, LP, including its BBB- issuer default rating and underlying issuances outstanding, on rating watch positive.

The positive watch follows RPT Realty's announcement it agreed to be acquired by Kimco Realty Corp. in an all-stock transaction valued at about $2 billion, including the assumption of debt and preferred stock. Upon closing, Kimco expects to have a pro forma equity market capitalization of approximately $13 billion and a total enterprise value of approximately $22 billion.

“The positive rating watch is driven by Fitch's expectation that the pro-forma post-acquisition credit profile of the combined RPT Realty/Kimco business will be stronger than RPT's standalone credit profile. From a leverage perspective, on a standalone basis, RPT and KIM's company-reported consolidated net debt/EBITDA was 6.4x and 5.5x, respectively, as of June 30, 2023,” the agency said in a press release.

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