Rating
Rating Agency | Rating Type | Rating | Outlook |
S&P | long term rating | BBB+ | Stable |
S&P | short term rating | A-2 | |
S&P Maalot | long term rating | ilAA+ | Stable |
S&P Maalot | short term rating | ilA-1+ |
Credit Rating reports
Financial Policy
- LTV limit at 45%
- Debt to debt-plus-equity ratio at 45% (or lower) on a sustainable basis
- Maintaining conservative financial ratios with a strong ICR
- Unencumbered assets above 50% of total assets
- Long debt maturity profile
- Good mix of long term unsecured bonds and non-recourse bank loans
- Dividend of 75% of FFO I per share
S&P Anchor Rating Matrix
In December 2017, Aroundtown's ("AT") credit rating was upgraded to 'BBB+' by Standard and Poor’s Rating Services ("S&P"). The rating increase followed the 'BBB' rating assigned by S&P in June 2016, acknowledging Aroundtown’s increased scale and scope, enhanced diversification and the continuously strong like-for-like rental income growth. Further, S&P acknowledged Aroundtown's well balanced portfolio across multiple asset types and regions with no dependency on a single tenant, asset type or region, underlining the company's strong business risk profile.
Business risk profile
Financial risk profile
g
r
r
1
Minimal
Minimal
2
Modest
Modest
3
Intermediate
Intermediate
4
Significant
Significant
5
Agressive
Agressive
6
High Leveraged
High Leveraged
1
Excellent
Excellent
aaa/aa+
aa
a+/a
a-
bbb
bbb/bb+
2
Strong
Strong
aaa/aa+
a+/a
A-
AT
BBB+
GCP
BBB+
GCP
bbb
bb+
bb
3
Satisfactory
Satisfactory
a/a-
bbb+
bbb/bbb-
bbb-/bb+
bb
b+
4
Fair
Fair
bbb/bbb-
bbb-
bb+/a
bb
bb-
b
5
Weak
Weak
bb+
bb+
bb/a
bb-
b+
b/b-
6
Vulnerable
Vulnerable
bb-
bb-
bb-/a
b+
b
b-/bb+