S&P gives AltaREIT notes BBB

S&P said it assigned its BBB issue rating to the proposed senior notes of AltaREIT SCA, at the same level as the issuer credit rating.

The agency said the completion and size of the transaction will be subject to market conditions, but it anticipates that it will have a benchmark size of €500 million, with a minimum tenor of five years.

AltaREIT plans to use the proceeds to refinance outstanding credit facilities and for general corporate purposes.

“Our analysis of the bond is based on our view of AltaREIT as a core subsidiary of its main shareholder, Altarea SCA,” S&P said in a news release.

“AltaREIT, which represented around 50% of the group's EBITDA in 2017, is integral to the group's current identity and future strategy, and we believe that Altarea would support it under any foreseeable circumstance.”

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