NewRiver REIT PLC Fitch Affirms NewRiver REIT plc's Credit Ratings (7853V)
06 Dezembro 2023 - 4:00AM
UK Regulatory
TIDMNRR
RNS Number : 7853V
NewRiver REIT PLC
06 December 2023
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 2023 which demonstrated
continued positive operational momentum, with active demand for
space leading to our occupancy increasing to almost 98%, the
highest level recorded since NewRiver was founded in 2009.
Our operations are supported by the strength of our balance
sheet position, with Loan to Value reduced to 29.5%, interest cover
of 5.2x, Net Debt to EBITDA at 4.4x, no refinancing requirement
until 2028, GBP138 million of cash and a newly extended Revolving
Credit Facility providing further liquidity of GBP100 million.
Will Hobman, Chief Financial Officer commented: "In the
affirmation of our investment grade credit ratings, Fitch has once
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 to access the growth opportunities that are now starting
to emerge."
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-idr-at-bbb-stable-senior-unsecured-rating-at-bbb-04-12-2023
Ends
+44 (0)20 3328
NewRiver REIT plc 5800
Allan Lockhart (Chief Executive)
Will Hobman (Chief Financial Officer)
+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 7 million sq ft and
comprises 26 community shopping centres and 12 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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