Fitch Ratings affirmed SELP Finance Sàrl's BBB+ long-term issuer default and senior unsecured ratings, with a stable outlook.
The affirmation was attributed to the good operational performance and quality of the Luxembourg-based property company's €4.2 billion portfolio of geographically diverse big-box assets.
The rating agency said tenant demand on SELP Finance's properties was supported by the growth of retail e-commerce and outsourcing to third-party logistics providers.
Fitch expects the company's debt to increase on the back of heightened development activity, greater land acquisitions and the negative impact of the coronavirus pandemic on rent in 2020.
Despite these, Fitch anticipates the net debt to EBITDA of the company to decrease by 9x by 2021.