Fitch upgrades Segro

Fitch Ratings said it upgraded Segro plc's long-term issuer default rating to A- from BBB+ and senior unsecured rating to A from A-.

“The upgrade reflects Fitch's view that Segro's net debt/EBITDA leverage will remain below 8x on a sustained basis. The performance of its geographically diversified portfolio of urban warehouse and big box assets remains solid, despite the pandemic, and Fitch expects structural trends, such as increasing e-commerce penetration to support tenant demand for well-located logistics space. The visibility and stability of rental income is supported by the portfolio's long lease lengths and diversified tenant base,” the agency said in a press release.

The outlook is stable.

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