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Moody's lifts NEPI view to positive
Moody's Investors Service said it changed to positive from stable the outlook on the ratings of New Europe Property Investments plc (NEPI), Romania's largest retail property owner and its subsidiary NE Property Cooperatief UA.
The agency also said it affirmed the Baa3 long-term issuer rating of NEPI and the Baa3 senior unsecured rating of NE Property Cooperatief.
The positive outlook reflects NEPI's plan to merge with Rockcastle Global Real Estate Co. Ltd., Moody's said.
The positive outlook primarily reflects the significantly larger property portfolio and improved geographical diversification of the combined entity, the agency said.
Upon completion of the transaction, the combined entity will own a diversified portfolio of direct properties valued at about €€3.9 billion with strong market positions in Romania, Poland and Slovakia, Moody's said.
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