Fitch assigns a rating “BBB-“; outlook stable
The rating agency Fitch Ratings Ltd (“Fitch”) has assigned IGD – Immobiliare Grande Distribuzione SIIQ S.p.A. – a long-term issuer default rating of “BBB-” with a stable outlook.
The rating of IGD, as reported in the note issued by Fitch, “reflects a stable rental income profile that benefits from high occupancy rates and leverage metrics that improved over the past four years”.
The company expresses satisfaction with the opinion of Fitch which acknowledges that “the good location of shopping malls in Italy, paired with an active asset management, enables the company to retain well-known quality tenants, both domestic and international brands. The combination of hypermarkets, small retailers (such as laundries, shoes repair shops, tobacco shops), bars and restaurants, clinics, opticians, health and beauty salons makes most of IGD’s properties “every day, convenience-led and regular-visit” destinations. In addition, IGD’s catchment area is well positioned, and competition from similar assets is low with planning regulations in Italy acting as a moderate barrier to entry.”
The press release issued by Fitch can be found by using the link below: