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S&P revises MERLIN Properties outlook to positive, affirms ratings

S&P Global Ratings revised MERLIN Properties' outlook to positive from stable and affirmed its long-term issuer rating at BBB, citing the Spanish real estate company's "robust performance" at the end of 2017 and declining leverage.

S&P also affirmed its BBB issue rating on the company's senior unsecured debt.

The rating agency said the positive outlook reflects the possibility that it could raise MERLIN's rating if it continues to grow rents and EBITDA, while further reducing its leverage, on the back of positive Spanish market conditions.

S&P believes MERLIN's portfolio in Spain, which has some exposure to Portugal, shows good diversification among real estate sectors, and supports the company's plan to increase its logistics segment to 20% of its assets, from 8.8%.

This S&P Global Market Intelligence news article may contain information about credit ratings issued by S&P Global Ratings, a separately managed division of S&P Global. Descriptions in this news article were not prepared by S&P Global Ratings. The original S&P Global Ratings documents referred to in this news brief can be found here.