Moody'ssaid that the U.K.'s decision to leave the European Union will have limitedimpact on Mitsui Fudosan Co. Ltd.'scredit profile, but the company could see its long-term growth strategyaffected in Europe.
TheJapanese firm is currently focused on London as part of its European growthstrategy. It may need to consider diversifying in other European countries, aspolitical and economic uncertainty following the Brexit vote may negativelyaffect the demand for London real estate, according to Akifumi Fukushi, a Moody'svice president and senior analyst.
Nonetheless,the rating agency points out that Mitsui Fudosan's business overseas,particularly in London, "accounts for only a small proportion of its totalbusiness."
Thedeveloper's pipeline in the British capital includes the redevelopment of theTelevision Centre andOne Angel Court, anoffice and retail building scheduled for completion in September.