NewRiver REIT PLC Fitch Affirms NewRiver REIT plc's Credit Ratings (4360J)
13 Dicembre 2022 - 8:00AM
UK Regulatory
TIDMNRR
RNS Number : 4360J
NewRiver REIT PLC
13 December 2022
NewRiver REIT plc
("NewRiver" or the "Company" or the "Group")
Fitch Affirms NewRiver REIT plc's Investment Grade Credit
Ratings
Fitch Ratings ('Fitch') has affirmed NewRiver REIT plc's
Long-Term Issuer Default Rating (IDR) at 'BBB' with a Stable
Outlook, senior unsecured rating at 'BBB+' and Short-Term IDR at
'F2'. The senior unsecured rating applies to NewRiver's GBP300
million unsecured bond dated 2028.
This rating follows the recent publication of NewRiver's results
for the six months ended 30 September 2022 which demonstrated
continued operational resilience and balance sheet strength, with
Loan to Value reduced to 33.8%, interest cover improved to 3.9x,
Net Debt to EBITDA consistently low at 5.1x, interest costs fixed
at 3.5%, no refinancing requirement until 2028, GBP95 million of
cash and further available liquidity of GBP125 million.
Will Hobman, Chief Financial Officer commented: "In the
affirmation of our investment grade credit ratings, Fitch has again
recognised NewRiver's differentiated position in the UK retail
market, focused on providing essential goods and services to
consumers on rental terms affordable to retailers. This focus on
resilient retail, alongside our best in class operating platform
and the strength of our balance sheet, means we feel well
positioned despite the challenging backdrop."
Fitch Ratings' Rating Action Commentary can be read in full on
the Fitch Ratings website.
https://www.fitchratings.com/research/corporate-finance/fitch-affirms-newriver-reit-plc-idr-at-bbb-stable-senior-unsecured-at-bbb-09-12-2022
For further information
+44 (0)20 3328
NewRiver REIT plc 5800
Allan Lockhart (Chief Executive)
Will Hobman (Chief Financial Officer)
Lucy Mitchell (Communications
& Investor Relations)
+44 (0)20 7251
FGS Global 3801
Gordon Simpson
James Thompson
About NewRiver
NewRiver REIT plc ('NewRiver') is a leading Real Estate
Investment Trust specialising in buying, managing and developing
resilient retail assets throughout the UK.
Our GBP0.6 billion UK wide portfolio covers 8 million sq ft and
comprises 28 community shopping centres and 15 conveniently located
retail parks occupied by tenants predominately focused on essential
goods and services. Our objective is to own and manage the most
resilient retail portfolio in the UK, focused on retail parks, core
shopping centres, and regeneration opportunities in order to
deliver long term attractive recurring income returns and capital
growth for our shareholders.
NewRiver has a Premium Listing on the Main Market of the London
Stock Exchange (ticker: NRR). Visit www.nrr.co.uk for further
information.
LEI Number: 2138004GX1VAUMH66L31
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END
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