14th Mar 2018 18:25
LONDON (Alliance News) - Moody's Investors Service said Wednesday that it has upgraded Globalworth Real Estate Investments Ltd's long-term Corporate Family Rating to Ba1 from Ba2.
The ratings agency also upgraded to Ba1 from Ba2 the rating on the outstanding EUR550 million senior unsecured notes, in line with Globalworth's long-term Corporate Family Rating. The outlook on all ratings has been changed to positive from stable.
"Moody's decision to upgrade Globalworth's ratings and to assign a positive outlook reflects the successful expansion in Poland in in the last quarter of 2017 through the acquisition of a 71% stake in GPRE which increased the company's scale and geographical diversification, as well as good results from asset management and development activities in Romania. The rating action also reflects declining leverage thanks to a EUR340 million equity raise completed at the end of last year and a capital increase announced by GPRE. In addition, the rating action also factors in a growing track record of accessing both equity and debt capital markets," said Emmanuel Savoye, an assistant vice president at Moody's.
Globalworth Real Estate shares closed 0.5% lower at 9.20 pence.
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