Moody's gives MAS Real Estate, notes Ba1

Moody's Investors Service said it gave a Ba1 corporate family rating MAS Real Estate Inc. Subsequently, it assigned a Ba1 rating to its new senior unsecured notes, to be issued by MAS Securities BV and to be guaranteed by MAS.

“MAS' Ba1 rating is primarily supported by (1) its conservative financial profile with our expectation of effective leverage in terms of debt/gross assets remaining below 40% and net debt/EBITDA below 6x, (2) its strong position in its core market Romania (Baa3 negative) where it is a sizeable owner of retail assets, (3) solid-quality and convenience-oriented shopping centers portfolio within good catchment areas, (4) good rental income visibility from a five years WALT to a good credit quality tenant base, including a number of international retailers and (5) resilient operating performance even in the context of Covid-19,” Moody’s said in a press release.

The Ba1 CFR equals the senior unsecured rating considering that after its inaugural issuance MAS will shift to a mostly unsecured funding structure. “Therefore, the Ba1 rating assigned to the senior unsecured bond is in line with the long term corporate family rating,” the agency said.

The outlook is stable, reflecting the expectation MAS will continue generating stable cash flow while retaining high occupancy levels and a balanced growth strategy, Moody’s said.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.