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Fitch stabilizes Tritax EuroBox view
Fitch Ratings said it revised Tritax EuroBox plc's outlook to stable from negative while affirming its long-term issuer default rating at BBB- and senior unsecured debt rating at BBB.
The outlook revision reflects Tritax EuroBox's disposal program gaining momentum with proceeds being used to reduce its high leverage, and the benefit of pre-let units' rents from recent acquisitions and extensions coming on-stream. It also reflects the stable fundamentals of the logistics asset class,” Fitch said in a statement.
The agency said it expects net debt/EBITDA to fall to 11.2x at FYE24 (year-end September) and 10.8x at FYE25, from 14.4x at FYE23, before it steadies at around Fitch's negative rating sensitivity of 10.5x.
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