Fitch Ratings’ corporate rating on IGD

On 22 October 2019, Fitch Ratings assigned IGD a BBB- rating with a Stable Outlook for the first time, confirming the Company’s entry into the Investment Grade category. The rating reflected the stability of rental income, high occupancy levels, the good competitive positioning of shopping centres and the gradual improvement in financial leverage metrics. The assignment of the Investment Grade rating confirmed the solidity of the business model and the quality of the real estate portfolio.

In the period 2020–2023, in a context characterised first by the pandemic and then by tensions in the credit market linked to the refinancing of the bond maturing in 2024, the rating was temporarily placed on Rating Watch Negative and subsequently with a Negative Outlook, while remaining confirmed at BBB-.

With the gradual improvement in cash flow visibility and the completion of refinancing operations, Fitch returned the Outlook to Stable in November 2023.

The annual reviews on 15 November 2024 and 23 October 2025 further confirmed the BBB- | Outlook Stable rating. The most recent update therefore confirms the maintenance of the Investment Grade rating and the stability of the outlook, supported by the operational resilience of the portfolio and the progressive strengthening of the financial structure.