S&P ups MEPC to stable

Standard & Poor's said it revised its outlook on MEPC Ltd. to stable from negative and affirmed the company's B+ corporate credit and B- senior unsecured debt ratings.

The outlook revision follows MEPC's successful refinancing of its high-cost debt, which S&P said will lower the company's finance charges.

The ratings on MEPC reflect its highly leveraged financial profile and a relatively high, although decreasing, portfolio vacancy rate, the agency said.

S&P noted that the ratings are supported by the company's strong position in good-quality business parks that provide relatively stable cash flows.

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