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Fitch affirms NewRiver
Fitch Ratings said it affirmed NewRiver REIT plc's long-term issuer default rating at BBB with a stable outlook.
The agency also affirmed the company's senior unsecured rating at BBB+.
The senior unsecured rating applies to NewRiver's £300 million senior unsecured bond dated 2028.
Fitch said the ratings reflect NewRiver's specialization in U.K. retail real estate, focusing on shopping centers and retail warehouses in town centers and edge-of-town locations serving local communities.
The agency said that NewRiver's discount-end and convenience-led retail portfolio has not been immune to the recent insolvencies (Poundworld, Maplin) and company voluntary arrangements of tenants, including those of New Look, Mothercare and Carpetright.
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