Tritax EuroBox announces that Fitch Ratings Limited (Fitch) has assigned a BBB- long-term corporate credit rating to the Company, Tritax EuroBox’s first Investment Grade credit rating.
As a result, the ratings condition in the existing revolving facility agreement is satisfied, which will result in a step down in the cost of this debt of approximately 30 basis points (depending on the prevailing Loan to Value ratio). In addition to the immediate strengthening of the Company’s earnings per share due to the reduction in financing costs, the Investment Grade credit rating will allow the Company access to the Debt Capital Markets in line with its near-term ambition.
Mehdi Bourassi, Finance Director of Tritax EuroBox, commented: “The Company’s recent successful fundraise allows us to capitalise further on the significant opportunities that exist in the continental European logistics real estate market. Obtaining an Investment Grade credit rating marks a significant milestone in the evolution of the Company, demonstrating our maturity and stability. It will enable access to a wider pool of financing strategies, leading to even greater resilience and a lower cost of debt. We look forward to updating investors on the deployment of the recently raised capital as we further strengthen and diversify our portfolio in line with our long-term strategy.”