Fitch gives Fibra Prologis BBB

Fitch said it assigned Fideicomiso Irrevocable 1721 Banco Actinver, S.A., Institucion de Banca Multiple, Grupo Financiero Actinver, Division Fiduciaria (Fibra Prologis) BBB foreign- and local-currency issuer ratings. Fitch also assigned a national long-term rating of AAA(mex).

The agency also assigned an AAA(mex)/BBB rating for proposed certificados bursatiles or senior unsecured notes.

“The ratings factor in Fibra Prologis' portfolio profile, market position, and growth strategy, and its liquidity and net leverage metrics on a pro forma basis, post the proposed debt issuance. The ratings also reflect the business fundamentals driving Mexico's industrial real estate segment,” Fitch said in a press release.

The agency assigned a stable outlook. The outlook reflects the expectation the company will execute its growth strategy while stabilizing its net leverage at around 5x and reaching interest coverage around 4x toward 2021/2022, while keeping a significant unencumbered pool of assets of approximately $2.5 billion, Fitch said.

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