Fitch turns NEPI Rockcastle view to positive

Fitch Ratings said it revised NEPI Rockcastle plc’s outlook to positive from stable and affirmed the company's long-term issuer default rating at BBB. Fitch also affirmed NEPI's unsecured debt rating at BBB and the BBB senior unsecured ratings on NE Property BV's bonds, which are guaranteed by NEPI.

“The positive outlook reflects NEPI's long record of a conservative financial profile and Fitch's expectation that new management will commit to maintain this. NEPI's net debt/EBITDA has remained below our 7x upgrade rating sensitivity at 6.1x (end-2020) and interest cover has remained strong at 6x,” the agency said in a press release.

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