Fitch revises GLP view to stable

Fitch Ratings said it revised the outlook on GLP Pte. Ltd.’s long-term foreign-currency issuer default rating to stable from positive and affirmed its IDR, senior unsecured rating and the rating on all its outstanding bonds at BBB.

“The outlook revision follows the three acquisitions announced in the past seven months, which will result in higher leverage in 2020. Fitch believes that the debt burden will be alleviated gradually through a series of capital events as communicated by management, and this is supported by GLP’s execution history, flexibility in asset monetization and good investor demand for its high-quality logistic property assets,” the agency said in a press release.

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