Fitch rates Fibra Uno notes BBB

Fitch Ratings said it assigned a BBB(EXP) rating to Deutsche Bank Mexico, SA, Fideicomiso F/1401 (Fibra Uno) proposed senior notes issuance for up to $300 million.

Proceeds will be used for general corporate purposes, which may include debt substitution, as well as funding working capital and capex requirements.

Fitch said the ratings reflect Fibra Uno’s solid market position as the leading and largest Fibra (REIT) in Mexico. The ratings take into account the company's large, well-diversified portfolio of industrial, retail and office properties, strong franchise value, diversified tenant base, high occupancy rates, credit metrics aligned with the rating level, and adequate financial flexibility in the form of good access to debt and equity markets, in conjunction with unsecured committed credit lines, and an important unencumbered asset pool.

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