Fitch rates Americold Realty BBB

Fitch Ratings said it assigned issuer default ratings of BBB to Americold Realty Trust and Americold Realty Operating Partnership, LP.

The outlook is stable.

The ratings reflect the company's diverse portfolio with regard to geography, product type and customer base, Fitch said.

Within the temperature-controlled warehousing industry, the company has the highest U.S.- and global market share in the fragmented cold storage industry, resulting in scale and capital cost advantages over its predominantly smaller privately-owned competitors, the agency said.

Cold storage facilities are less fungible and more capital and operationally intensive than traditional ambient warehouses, which is considered a credit negative, Fitch said.

That negative rating factor is partially offset by the resultant barriers to competition and new supply, the agency noted.

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