“The upgrade reflects SEREIT's improved portfolio quality, combined with our expectations that the trust's EBITDA net leverage will remain below 8.0x,” reads the release by Fitch. “We expect SEREIT will continue asset refurbishments and recycling of non-core properties or those with limited growth prospects, and use the proceeds to fund capex. We believe these efforts will generate steady like-for-like rent and cash flow growth over the medium -term.”
Fitch Ratings has upgraded Stoneweg European REIT (SEREIT)’s long-term issuer default rating to ‘BBB’ from ‘BBB-’, and assigned a stable outlook.
Fitch has also upgraded the trusts’ EUR500 million unsecured and unsubordinated six-year notes due Jan 2031 and the EUR1.5 billion medium term note programme to ‘BBB’ from ‘BBB-’.
