Fitch rates GLP securities BB+

Fitch Ratings said it assigned GLP Pte. Ltd.’s proposed dollar-denominated subordinated perpetual securities a BB+ rating.

“The ratings on the proposed securities, at two notches below GLP's long-term issuer default rating, reflect the highly subordinated nature of the securities, which rank senior only to GLP's ordinary shares and junior obligations,” Fitch said in a press release.

The company will use the proceeds for refinancing a portfolio of green projects.

The outlook is negative.

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