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, recognising the strength of the Company’s business model, the stability of rental income, high occupancy levels and the quality of its real estate portfolio.

During the period 2020–2023, marked by the pandemic and subsequent tensions in the financial markets, including those related to the refinancing of the bond maturing in 2024, the rating was temporarily placed on Rating Watch Negative and subsequently assigned a Negative Outlook, while remaining unchanged at BBB-.

In November 2023, supported by improved cash flow visibility and the completion of refinancing transactions, Fitch revised the Outlook to Stable. The subsequent annual reviews on 15 November 2024 and 23 October 2025 reaffirmed the BBB- rating with a Stable Outlook.

On 21 October 2026, Fitch Ratings once again affirmed IGD’s BBB- rating, revising the Outlook from Stable to Positive. The revision reflects expectations of a further strengthening of IGD’s financial profile, supported by the planned disposal programme, disciplined capital expenditure and dividend policy, as well as improved operating performance across the real estate portfolio.

The decision confirms IGD’s uninterrupted Investment Grade status since 2019 and acknowledges the progress achieved by the Company in both its operating and financial performance.