Moody’s Investors Service has affirmed NEPI Rockcastle’s long-term credit rating and senior unsecured rating at ‘Baa3’ and changed the outlook from positive to stable.
The rating reflects the good quality of the company’s shopping centres and the favourable macroeconomic fundamentals across the Central and Eastern European countries where the group is present. The rating is also underpinned by the company’s track record of moderate debt metrics.
The change of outlook to stable from positive reflects the agency’s view that the company’s liquidity management needs to strengthen. Moody’s also note that “the company’s debt metrics remain strong for the rating and that its investment needs are currently more than covered by internally generated funds“.