Fitch Ratings Ltd. rating on IGD

On 22 October 2019 Fitch Ratings Ltd. (“Fitch”) has assigned IGD a long-term issuer default rating of “BBB-” with a stable outlook; the opinion of the rating agency reflects a stable rental income profile, that benefits from high occupancy rates and leverage metrics that improved over the past four years. In its credit opinion, Fitch also highlighted the good location of IGD’s shopping malls, the effective merchandising mix with well-known domestic and international quality tenants and a balanced combination of hypermarkets, small and medium retailers, services and food courts.

On 8 April 2020, Fitch confirmed the “BBB-“ rating to IGD, but, following the global epidemiological emergency from COVID-19, the Agency placed its rating in a Negative Rating Watch condition. This condition reflects the risk of a negative impact on IGD’s rental income caused by the extended coronavirus containment measures in Italy (closure of non-essential retail shops), as many tenants may face liquidity issues.

On 1st October 2020 Fitch Ratings Ltd. confirmed the BBB- investment grade rating with negative outlook removing it from Rating Watch Negative: “The rating assigned reflects the rent collection rates which were higher than what Fitch estimated at the beginning of April, together with the commercial strategy adopted that favors rents deferrals instead of rent discounts and waivers, providing improved visibility on IGD’s rental income.”

On 30th September 2021 Fitch Ratings Ltd. has revised IGD’s Outlook to Stable from Negative, while affirming the company’s Long-Term Issuer Default Rating (IDR) and senior unsecured ratings at ‘BBB-‘. The Stable Outlook is predicated on the better visibility over the rental income, aided by a gradual recovery in consumer footfall and tenants’ sales in IGD’s shopping centres. The affirmation of the rating reflects IGD’s improving operating performance, which Fitch Ratings expect to recover to pre-pandemic levels by end-2022.

On 16th September 2022 Fitch Ratings confirmed the Long-Term Issuer Default Rating (IDR) and the senior unsecured ratings at BBB-, in addition to the stable outlook. The key factors of the rating are:

  • Convenience-led Property Portfolio: IGD’s shopping centers are normally medium-sized, regionally dominant, with strong food anchor and offering different daily commodities and services, making them an everyday destination;
  • Operational Indicators Normalising: high occupancy rate of malls in the first half of 2022, footfalls still far from the levels of 2019, but tenant sales growing and average spending higher than 2019;
  • CPI-Driven Rents Increase: contract renewals in the first half of 2022 were stable, but the increase in rents is linked to CPI indexation;
  • Active Debt Management: debt is equally split between bonds and bank debt, over the years the secured portion of the debt in favour of a more balanced, unsecured debt structure;
  • Disposals Reduced Debt: thanks to the sale of the hypermarket and supermarkets portfolio completed in November 2021.


For the complete Rating Action Commentary please visit the following link on Fitch Ratings’ website.

The rating obtained by Fitch is currently the only one in the investment grade area attributed to IGD.

corporate rating
30 September 2021
Date of latest update

S&P Global Ratings rating on IGD

S&P Global Ratings released for the first time its credit opinion on IGD on 23 April 2019. The opinion of the rating agency reflects the acknowledgement of the portfolio’s quality and operating performances, the solid financial structure and the prudent strategy in place for the next three years which is focused on asset management, the disposal of non-strategic assets and the commitment to reducing the Loan-to-Value below 45%. The stable outlook also reflects S&P Global Ratings’ view that IGD will likely continue to generate stable and predictable cash flows.

IGD’s solid creditworthiness, confirmed by the investment grade BBB- rating granted, will allow the company to continue to access the debt capital markets at more favorable conditions than in the past.

On 23 August 2019, after the pubblication of the 1H 2019 results, S&P Global Ratings confirmed the BBB- rating, but reviewd IGD’s outlook from stable to negative due to the challenging environment of the retail sector, to the weaker half-year operating performance and to the pression on evaluations that could impact on the financial leverage.

On 23 March 2020, following the COVID-19 health emergency, S&P Global Ratings downgraded IGD to BB+, confirming the negative outlook, due to the challenging Italian retail environment and measures taken in response to the COVID-19 pandemic, that could negatively impact on the operating performance and consequently on the estimates and on the leverage ratios, but recognizing the company’s robust liquidity profile.

On 22 April 2021, S&P Global Ratings updated the data relating to IGD following the publication of the results as at 31 December 2020, confirming the rating at BB+ and the negative outlook.

On 8 December 2021 S&P Global Ratings, following the successful disposal of non-strategic stand-alone hypermarkets and supermarkets, confirmed the rating at BB+ and upgraded the outlook from negative to stable.

On 20 September 2022 S&P Global Ratings confirmed the rating at BB+ in addition to the stable outlook.

S&P Global Ratings rating

Corporate rating
March 2023
Date of latest update