S&P turns Globalworth view to negative

S&P said it revised its outlook for Globalworth Real Estate Investments Ltd. to negative from stable and affirmed its BB+ issuer and senior unsecured ratings.

“Our negative outlook on Globalworth reflects our view that its refinancing needs remain significant beyond our 12-month horizon, and if not addressed in a timely manner, these could harm its liquidity profile and therefore weaken our rating assessment. As of Sept. 30, 2023, our liquidity calculation over the next 12 months remains adequate. However, the company's €450 million outstanding bond maturing in March 2025 will be included in our liquidity calculation as of first quarter 2024,” S&P said in a statement.

Despite tougher borrowing conditions for real estate companies, S&P said it understands Globalworth is “negotiating refinancing transactions with banks that would cover its liquidity needs for the next 12-18 months and we consider the recently signed loans of about €145 million as supportive.”

The agency added it understands Globalworth is selling non-core assets to buffer its liquidity cushion.

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