Fitch rates Global Logistic notes BBB+

Fitch Ratings said it assigned an expected BBB+ rating to Global Logistic Properties Ltd.’s proposed dollar-denominated senior notes.

The notes will be issued under the company’s $2 billion euro medium-term note program.

The notes are rated at the same level as the company’s senior unsecured rating because they constitute direct, unsubordinated and senior unsecured obligations, Fitch said.

The ratings are supported by the company’s shift toward being an asset manager and portfolio owner of geographically diversified industrial properties, the agency said.

The good quality of its underlying investments and the prudent financial profile of the holding company also support the ratings, Fitch said.

The ratings are constrained by the company’s expansion strategy, which lowers the visibility of the company’s financial profile, the agency said.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.