Moody's rates EPP notes Ba1

Moody's Investors Service said it assigned a first-time Ba1 corporate family rating to EPP NV, a real estate company that owns and manages shopping centers in Poland.

Moody's also said it assigned a Ba1 rating to the planned benchmark senior unsecured notes that will be issued by EPP Finance NV and guaranteed by EPP.

The outlook is stable.

The ratings assume the successful placement of the planned senior unsecured notes, the agency explained.

The ratings reflect the company's strong position as one of the leading shopping center owners in the Polish market, Moody's said, and are underpinned by positive macroeconomic and property market fundamentals.

The ratings are supported by the company's solid portfolio of large shopping centers that are spread across major Polish cities and are well positioned within their catchment areas, the agency added.

Counterbalancing these strengths is a sector-wide structural currency mismatch embedded with the leases, which is a potential long-term risk that could force the company to reduce rents, Moody's said.

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