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Fitch assigns F1 short-term rating to Land Securities subsidiary

Fitch Ratings assigned an F1 short-term issuer default rating to Land Securities PLC, a direct subsidiary of U.K.-based diversified real estate investment trust Land Securities Group PLC.

The rating is based on the entity's underlying credit strength, strong liquidity profile and access to over 100% liquidity back-up, which includes cash and committed authorized credit facilities, relative to its expected outstanding obligations under its £1.25 billion Euro commercial paper and other short-term debts.

The entity owns a London-focused diversified portfolio consisting of offices, retail, leisure and hotel properties. The valuation of its retail portfolio dropped sharply amid exposure to retailers' company voluntary arrangements, which has reduced rents and muted rental growth prospects.