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Moody's upgrades Prologis
Moody's Investors Service said it upgraded Prologis European Properties Fund II’s senior long-term issuer rating and Prologis International Funding II SA’s backed senior bonds to Baa1 from Baa2. The outlook is stable.
The agency said the upgrade recognizes the fund's track record of strong operating performance, robust financial metrics, improved liquidity management and a favorable outlook for the logistics property sector.
The Baa1 issuer rating is underpinned by the fund's strong brand name, broadly diversified presence in the European distribution warehousing market, lower business risk profile than many similarly rated peers as the fund bears virtually no development risk, solid credit metrics as of the end of 2014, intention to maintain secured debt/gross assets below 20% and the improving trend in tenant demand across European trade routes for distribution warehousing facilities, Moody's said.
The rating is constrained by the fund’s exposure to the cyclicality of the distribution warehouse property sector and its sizable exposure to Central and Eastern Europe, the agency said.
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