Moody's lifts GLP view to stable

Moody's Investors Service said it changed the outlook on GLP Pte. Ltd. to stable from negative.

Moody's also said it affirmed the company's Baa3 issuer rating, the provisional Baa3 rating on its senior unsecured medium-term note program and the Baa3 senior unsecured rating on the notes issued under the program.

The outlook revision reflects a decline in the company's leverage since March and an expectation that its leverage will continue to improve over the next one- to two-years, driven by the company's commitment to de-leveraging and steady earnings growth, the agency said.

GLP has shown progress under a specific de-leveraging plan since March 2018, Moody's said.

While this level of leverage is still high for the Baa3 rating category, the associated risks are mitigated by the meaningful development gains the company has generated through asset recycling, which is not reflected in its EBITDA, Moody's explained.

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