Fitch boosts NEPI Rockcastle

Fitch Ratings said it boosted NEPI Rockcastle NV’s issuer default and unsecured debt rating as well as the senior unsecured ratings on NE Property BV's bonds to BBB+ from BBB. NEPI guarantees the bonds.

“The upgrades reflect the improvements in recent years in NEPI's operational metrics, with increasing occupancy, footfall and tenants' sales exceeding pre-pandemic levels. NEPI's €5.7 billion income-producing properties portfolio benefits from diversification across central-eastern European (CEE) countries, assets and tenants. The portfolio's quality and moderate occupancy costs position it to withstand lower consumption as the rising cost of living puts pressure on consumers' disposable incomes,” Fitch said in a press release.

The outlook is stable.

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