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Fitch affirms Segro
Fitch Ratings said it affirmed Segro plc's senior unsecured rating at A-, long-term issuer default rating at BBB+ and short-term issuer default rating at F2.
The outlook is stable.
"The affirmation of Segro's ratings reflects that in the nine months to September, lettings were up by £2.4 million year-on-year and the group vacancy rate fell to 10.2% (11.4% at June 2011)," Jean-Pierre Husband, a director at Fitch, said in a statement.
"Fitch expects the new capital recycling strategy to reduce leverage to the 40% range, comfortably within the guideline for a BBB+ issuer default rating."
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