latest-news-headlines Market Intelligence /marketintelligence/en/news-insights/latest-news-headlines/s-p-affirms-nepi-rockcastle-s-ratings-changes-outlook-to-negative-57859759 content
Log in to other products

Login to Market Intelligence Platform

 /


Looking for more?

Contact Us

Request a Demo

You're one step closer to unlocking our suite of comprehensive and robust tools.

Fill out the form so we can connect you to the right person.

If your company has a current subscription with S&P Global Market Intelligence, you can register as a new user for access to the platform(s) covered by your license at Market Intelligence platform or S&P Capital IQ.

  • First Name*
  • Last Name*
  • Business Email *
  • Phone *
  • Company Name *
  • City *
  • We generated a verification code for you

  • Enter verification Code here*

* Required

In This List

S&P affirms NEPI Rockcastle's ratings, changes outlook to negative

Gauging Supply Chain Risk In Volatile Times

The Commercial Real Estate CRE Sector Feels the Impact of the Coronavirus

Credit Analytics Case Study Poundworld Retail Ltd

Segment

IFRS 9 Impairment How It Impacts Your Corporation And How We Can Help


S&P affirms NEPI Rockcastle's ratings, changes outlook to negative

S&P Global Ratings affirms NEPI Rockcastle PLC's BBB long-term issuer credit rating and senior unsecured debt ratings, while revising the company's outlook to negative from stable.

The rating agency said it expects the nonessential store closures as part of government measures to contain the coronavirus outbreak severely affect the bulk of the U.K.-based real estate group's shopping centers and could lead to rent negotiations or rent-free periods for its affected tenants if the situation continues, Ratings said.

Ratings revised its base-case scenarios for retail property owners, expecting a 15% to 20% drop in net rental income for 2020 on a like-for-like basis, with only a slow recovery in 2021. It expects the company's adjusted debt to debt plus equity to deteriorate to 34% to 35% at 2020-end and its adjusted debt-to-EBITDA ratio to peak at 6.0x-6.5x in 2020.

The negative outlook reflects Ratings' view that the pandemic could present a more adverse impact on the company's operating performance than expected, which could result in a more material deterioration of credit ratios over the next 24 months. It also reflects the company's large operations in Romania, where the sovereign outlook stays negative.

READ MORE: Sign up for our weekly coronavirus newsletter here, and read our latest coverage on the crisis here.

This S&P Global Market Intelligence news article may contain information about credit ratings issued by S&P Global Ratings. Descriptions in this news article were not prepared by S&P Global Ratings.