Fitch revises outlook on GLP to stable

Fitch Ratings said it revised the outlook on GLP Pte. Ltd. to stable from negative and affirmed the long-term foreign-currency issuer default rating, senior unsecured rating, the $5 billion medium-term note program and the outstanding senior bonds at BBB. Fitch also affirmed the subordinated perpetual securities at BB+.

“The outlook revision reflects the reduction in leverage during 2021 as GLP is transforming into an asset-light company. GLP has a record of consistent asset monetization while its business profile remains robust despite persistent Covid-19 related disruptions,” the agency said in a press release.

GLP's ratio of net debt to recurring EBITDA retreated to 7x in 2021 from 11x in 2020. “The rapid deleveraging was helped by higher-than-expected dividend income from jointly controlled entities (JCE), which is included in GLP's EBITDA-based credit metrics,” Fitch said.

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