Fitch gives Fibra SOMA, notes BBB-

Fitch Ratings said it gave Fideicomiso Numero CIB/3332 (Fibra SOMA) foreign- and local-currency long-term issuer default ratings of BBB-. Fitch also assigned a long-term rating of BBB- to Fibra SOMA's planned $600 million of senior unsecured issuance due 2031.

“The ratings reflect Fibra Soma's portfolio profile, business position, growth strategy in the Mexican real estate industry, mostly the retail real estate segment; some FX risk exposure; and expected liquidity and financial leverage. The ratings positively reflect Fibra Soma's geographic strategy, solid profitability and well-spread debt tenor following the proposed senior unsecured issuance,” Fitch said in a press release.

The stable outlook reflects the view Fibra Soma will continue executing its organic growth strategy while stabilizing its net leverage ratio around 6x during 2022-2023 while keeping a significant unencumbered pool of assets of about $2 billion, the agency said.

The outlook is stable.

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