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Fitch assigns Supermarket Income REIT BBB+
Fitch Ratings said it assigned Supermarket Income REIT plc (SUPR) a first-time long-term issuer default rating of BBB+.
“SUPR's ratings reflect the group's £1.2 billion U.K. supermarket portfolio at end-June 2021 (FYE21), which is focused on dominant large stores with omnichannel positioning, encompassing online deliveries, click-and-collect and in-store sales. The portfolio benefits from exposure to a growing, essential-service, grocery sector with long-dated leases and inflation-linked rental uplifts. A rating constraint is its inherent tenant concentration, which reflects the existing make-up of the U.K. grocery market, although operators are being added as SUPR's portfolio expands,” Fitch said in a press release.
The outlook is stable.
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