Fitch Ratings affirmed Fibra Terrafina's long-term foreign and local currency issuer default ratings at BBB-.

The outlook is stable.

The rating agency's affirmation takes into account the company's business position as one of the largest owners of industrial real estate in Mexico and its portfolio acquisitions worth roughly US$600 million during 2017. The acquisitions mark a 33% increase in the portfolio compared to the 2016 level.

The company's adequate portfolio diversification and limited tenant concentration were also taken into consideration.

Fitch said it believes the company's business fundamentals are expected to remain solid in the medium term, although the Mexican real estate sector's growth prospects could be potentially damaged if certain U.S. proposals concerning ongoing North American Free Trade Agreement negotiations are implemented.