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Moody's places Growthpoint Properties, unit ratings under downgrade review

Moody's has placed all the global scale ratings assigned to Growthpoint Properties Ltd. and its unit Growthpoint Properties International (Pty) Ltd. under review for a downgrade.

The move followed a possible slump in the South African government's credit profile, exposing Growthpoint Properties to higher political, social and economic risks, with 77% of its property exposed and 83% of its distributable income originating from domestic operations.

The review will evaluate the credit implications on the parent company's ratings. The rating agency noted that Growthpoint's strong market position as the largest primary listed real estate investment trust in South Africa supports its Baa3/ long-term issuer ratings.

Moody's also assigned Growthpoint Properties International's proposed senior unsecured notes Baa3 and P-3 ratings. Proceeds from the issuance will be used to raise capital for Globalworth Real Estate Investments Ltd., in which Growthpoint Properties is a 26.9% stakeholder, and to invest in European real estate assets.