Fitch rates Via Celere BB-, notes BB

Fitch Ratings said it gave Via Celere Desarrollos Inmobiliarios, SA a first-time long-term issuer default rating of BB- and its planned €300 million of senior secured notes an expected senior secured rating of BB.

“The IDR reflects Via Celere's solid business profile, which benefits from its large owned land bank and its vertically integrated business model with in-house design and construction capabilities. The high leverage (FY20 - the financial year to end-December 2020 - funds from operations (FFO) net leverage: 3.7x) is a rating constraint, although we expect this to improve over the next three years when the first build-to-rent (BTR) portfolio is completed and sold,” Fitch said in a press release.

The agency said it expects Via Celere to deliver 1,500 units in each of the next two years.

The outlook is stable.

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