Moody's assigns Globe Trade, notes Ba1

Moody's Investors Service said it assigned a Ba1 corporate family rating to Globe Trade Centre SA and a Ba1 rating to its planned guaranteed €500 million of senior unsecured notes, to be issued by GTC Aurora Luxembourg SA and to be guaranteed by GTC.

"GTC's business risk profile is solid. While its scale is more moderate compared to higher rated peers, we still believe that the group's credit profile can become commensurate with the requirements of an investment-grade rating, supported by a conservative financial policy that targets to preserve a long-term capital structure at or below a 40% LTV. The company ranks among the main office and retail real estate companies within CEE and owns a well-diversified property portfolio, leased to a high-credit quality tenant base," said Ana Luz Silva, a Moody’s vice president, senior analyst and lead analyst for GTC, in a press release.

The outlook is positive.

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