Fitch rates Derwent A-, debt A

Fitch Ratings said it assigned Derwent London plc an A- long-term issuer default rating and an A senior unsecured debt rating.

The rating reflects the prime nature of Derwent's office portfolio and the quality of the related rental income stream together with the company's conservative financial profile, the agency said.

Fitch said it applies the REIT sector-specific one-notch uplift to the senior unsecured instrument rating to reflect expectations of high recoveries owing to a highly liquid market for Derwent's assets and an unencumbered asset ratio of greater than 2x, a key threshold for this metric in the agency’s criteria.

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