Moody’s cuts Globalworth to junk

Moody’s Investors Service said it downgraded Globalworth Real Estate Investments Ltd. to Ba1 from Baa3 and assigned a Ba1 corporate family rating. The agency also revised the outlook to stable from negative.

“The downgrade reflects weaker than expected key credit metrics, and lower than anticipated disposal progress as of year-end 2022, as well as a weaker operating environment for property companies. Moody's-adjusted fixed charge cover and Moody's-adjusted debt/gross assets will stay outside of Moody's guidance for the Baa3 rating without material disposals, which Moody's does not have visibility on,” the agency said in a press release.

Moody’s said it plans to withdraw its Globalworth ratings and the outlook for business purposes.

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