Fitch rates Global Logistic notes BBB+

Fitch Ratings said it assigned Global Logistic Properties Ltd. a BBB+ long-term foreign-currency issuer default rating and a BBB+ foreign-currency senior rating. The agency also assigned an expected rating of BBB+ to the proposed $2 billion euro medium-term note program.

The outlook is stable.

The ratings are supported by its status as the largest provider of modern logistics facilities in Japan and China, strong financial profile, high quality properties with good lease and tenant profiles and growth potential for the Chinese contract logistics market, Fitch said.

Global Logistic's credit profile is constrained by its ongoing expansion in China, which carries a certain amount of execution risk, the agency added.

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