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S&P assigns preliminary rating to NEPI Rockcastle

S&P Global Ratings assigned a BBB preliminary long-term corporate credit rating to NEPI Rockcastle PLC, with a stable outlook.

NEPI is the resulting entity from the merger of New Europe Property Investments PLC and Rockcastle Global Real Estate Co. Ltd.

According to a note, S&P said the newly incorporated entity, which will have an asset pool of approximately €3.9 billion when the merger closes around July, will have very low debt leverage and adequate liquid resources to weather an economic stress situation in Romania.

The stable outlook, meanwhile, reflects the rating agency's opinion that the new entity will produce resilient cash flows over the next 24 months, while maintaining a conservative financial strategy.

S&P Global Ratings and S&P Global Market Intelligence are owned by S&P Global Inc.