Fitch pulls IGD from watch

Fitch Ratings said it affirmed IGD SIIQ SpA's long-term issuer default rating and senior unsecured ratings at BBB- and removed them from rating watch negative.

“The rating action reflects higher actual rent collection rates than initially forecast in early April, when IGD was placed on RWN. Since then, shops partially reopened in May and in full during June, limiting the closure to two to three months, while the Italian government has supported the local economy through fiscal incentives (30% to 60% tax credit to those tenants who have paid their March to June rents in full) and government-backed loans. In negotiations with its tenants, IGD favors rent deferrals over rent discounts and waivers. This provides improved visibility on IGD's rental income and contributes to the removal of the RWN,” Fitch said in a press release.

The outlook is negative.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.