Fitch lowers Ascott REIT

Fitch Ratings said it downgraded Ascott Real Estate Investment Trust's issuer default rating to BBB- from BBB.

“The downgrade reflects the impact of the coronavirus pandemic on Ascott REIT's credit metrics and a longer recovery path for global travel, hospitality and leisure. We forecast a slow demand recovery until 2022, when vaccination rates start to rise, and for global travel and lodging fundamentals to recover to pre-pandemic levels only after 2024, although some uncertainty remains. The rating is supported by the trust's strong financing flexibility and solid access to credit and capital markets,” Fitch said in a press release.

The outlook is stable.

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