Fitch affirms PSP Swiss Property

Fitch Ratings said it affirmed PSP Swiss Property AG's senior unsecured rating at A- and long-term issuer default rating at BBB+ with a stable outlook.

The short-term IDR was affirmed at F2.

The agency said the affirmation reflects the company’s strong portfolio of prime properties in favorable locations that will benefit from the gradual recovery in the Swiss office rental market.

It also reflects an expectation that elevated net debt/EBITDA from the Rothschild acquisition and the group's sizeable development program will decline towards 9.5x, as new investments start to generate yield, Fitch said.

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