Fitch rates CPUK notes BBB, B

Fitch Ratings said it assigned an expected BBB rating to CPUK Finance Ltd.'s upcoming £100 million tap issue of its £140 million 3.59% class A4 notes due 2042 and an expected B rating to the proposed new £730 million of class B3 and B4 notes due 2047. The outlook is stable.

The agency said the ratings consider CPUK's demonstrated ability to maintain high and stable occupancy rates, increase prices in excess of inflation and, ultimately, deliver strong financial performance with an 11-year EBITDA CAGR of 8.7% since 2006.

Fitch expects the proactive and experienced management to continue leveraging on the good quality estate and deliver steady financial performance over the medium term, despite the weaker U.K. economic outlook and increased uncertainty following the U.K. referendum vote to leave the European Union.

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