Fitch gives Signa B-, bond B+

Fitch Ratings said it published Signa Development Selection AG's long-term issuer default rating of B- with stable outlook and assigned an expected senior unsecured rating of B+/RR2. Fitch also gave Signa Development Finance SCS' planned €300 million bond guaranteed by SDS an expected B+/RR2 expected rating.

“SDS’ financial profile is highly leveraged and reflects a mix of capital allocated to projects at various stages of development and prepayment. End FY20 net debt/percentage of completion (POC)-adjusted EBITDA is affected by lower levels of EBITDA and delayed POC, so leverage is over 10x. This is due to reduce to below 5x upon FY21 completions (some of which occurred in 1H21) and forward sale receipts received,” Fitch said in a press release.

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