Tritax Big Box receives Moody’s credit rating upgrade
Moody’s has upgraded Tritax Big Box REIT’s credit rating outlook to “positive”.
The REIT’s outlook was lifted from “stable”, while its long-term corporate credit rating was reaffirmed.
Tritax said the improvement reflected its “growing scale, increased portfolio diversification and continued focus on high-quality logistics assets”, supported by its acquisition of UK Commercial Property REIT.
Moody’s has upgraded Tritax Big Box REIT’s credit rating outlook to “positive”.
The REIT’s outlook was lifted from “stable”, while its long-term corporate credit rating was reaffirmed.
Tritax said the improvement reflected its “growing scale, increased portfolio diversification and continued focus on high-quality logistics assets”, supported by its acquisition of UK Commercial Property REIT.
The outlook also reflected a “solid operating environment for the UK logistics property sector despite certain macro headwinds”, said Tritax.
Tritax Big Box chief financial officer Frankie Whitehead said: “This improvement in credit rating outlook to positive from Moody’s has been primarily triggered by our recent acquisition of UKCM. This transaction has delivered further scale, portfolio diversification and a significant embedded income growth opportunity within the current portfolio rental reversion.
“The transaction also adds further available liquidity whilst enhancing loan to value and net debt to EBITDA metrics, with no near-term refinancing needs. Our development pipeline provides us with a unique opportunity to deliver attractive growth and operational performance over the long-term, whilst maintaining and operating with a financial policy which is proactive, prudent and disciplined.”
Photo from Tritax Big Box REIT
