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Fitch affirms Fibra UNO ratings

Fitch Ratings affirmed Fibra UNO's long-term foreign and local currency issuer default ratings at BBB, and its national scale long-term rating at AAA(mex).

The ratings outlook is stable.

The rating agency noted that Fibra UNO is the largest and most diversified real estate operator in Latin America and has a strong franchise value, diversified tenant base, high occupancy rates, projected credit metrics within the rating level and ample financial flexibility in the form of good access to debt and equity markets.

The stable outlook factors in Fitch's expectation that Fibra UNO will execute its growth strategy via acquisitions and its own developments, while stabilizing net debt/EBITDA around 5.5x and interest coverage around 2.1x toward 2021.