Fitch lifts GLP view to positive

Fitch Ratings said it revised GLP Pte. Ltd.'s outlook to positive from stable and affirmed the long-term foreign-currency issuer default rating at BBB.

GLP's senior unsecured rating and the rating of all its outstanding bonds also were affirmed at BBB.

The outlook revision reflects a belief the Singapore-based global provider of logistic facilities and solutions is continuing its de-leveraging plan, Fitch said.

The agency said it estimates the holding company's leverage decreased from 89% in the financial year that ended March 2018 to 43% by year-end 2018.

But GLP's de-leveraging was slower than expectations at the group level, Fitch noted.

The company used a combination of asset recycling and debt pushdowns to its operating subsidiaries to repay the holding-company debt, the agency said.

The ratings reflect GLP's globally diversified operations, large scale and extensive worldwide network, as well as its strong tenant mix, Fitch said.

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