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Moody's lowers Growthpoint, Redefine Properties ratings

Moody's downgraded Growthpoint Properties Ltd. and Redefine Properties Ltd. to Ba1 from Baa3, with a negative outlook, to reflect credit linkages with the South Africa sovereign.

The rating agency said the downgrade on Growthpoint Properties mirrors the company's substantial exposure to the South African property market, with 64.8% of its assets and 75.7% of its EBIT derived from properties within the country, as of Dec. 31, 2019.

Moody's, however, recognizes that the real estate investment trust's exposure outside of South Africa and good credit metrics lower the degree of rating linkage to the South African government's rating.

The downgrade on Redefine Properties takes into account the REIT's operational concentration to South Africa, with 76% of its property value derived from that country, as of Aug. 31, 2019.