Fitch rates Fibra Terrafina notes BBB-

Fitch Ratings said it assigned a long-term issuer default rating of BBB- to Cibanco, SA Institucion de Banca Multiple, Trust F/00939 (Fibra Terrafina), along with a local-currency issuer default rating of BBB- and an expected BBB- rating on its proposed senior unsecured notes.

The outlook is stable.

The total amount of the proposed unsecured notes issuance is expected to be about $400 million to $500 million range.

The proceeds from the proposed issuance will be used primarily to refinance existing debt, Fitch said.

The ratings reflect Fibra Terrafina’s portfolio profile, market position and growth strategy, the agency said.

The ratings also consider the business fundamentals driving Mexico’s industrial real estate segment, Fitch said.

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