Moody’s drops Hammerson view to negative

Moody's Investors Service said it changed the outlook on the long-term Baa1 issuer rating of major Hammerson plc and its senior unsecured domestic and foreign currency bond ratings to negative from stable.

Concurrently, the agency affirmed these ratings.

The action follows a referendum vote in favor of the United Kingdom leaving the European Union and the recent change in the outlook of the U.K.'s Aa1 government bond rating to negative from stable.

"We changed our outlook on Hammerson to negative because uncertainty created by the outcome of the referendum could dampen prospects for the U.K. real estate sector. This could make it tougher for Hammerson to maintain its leverage in line with requirements for the current rating," Roberto Pozzi, Moody's vice president, senior credit officer and lead analyst for the issuer, said in a news release.

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