Fitch revises outlook on GLP to negative

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

The outlook revision factors in the rising uncertainty over GLP's business transformation to an asset-light company, Fitch said.

“This is mitigated by the company's execution record, flexibility in asset monetisation, and good investor demand for its high-quality logistic-property assets. GLP's business profile remains robust amid the coronavirus pandemic but its leverage is higher than that of similarly rated peers,” Fitch said in a news release.

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